Oil's gains continued for the second day in a row, during Friday's trading; With the support of the countries of the OPEC + group, to voluntarily extend the production cut for next September.
And by 9:28 am GMT, the price of Brent crude futures contracts increased by 0.4 percent, at $ 85.52 a barrel.
At the same time, the price of Nymex crude contracts for next September delivery rose by more than 0.6 percent, at $82.04 a barrel.
Oil contracts are heading for weekly gains for the sixth time in a row, after Saudi Arabia and Russia pledged to cut production until the end of next September, and to support the largest decline in US crude oil stocks last Wednesday.
The markets are awaiting the meeting of the OPEC + Joint Ministerial Monitoring Committee, which begins today, Friday, via the Internet, to assess the market situation and assess the impact of supply cuts.
The Saudi Press Agency quoted an official source in the Ministry of Energy as saying that Saudi Arabia will extend the voluntary cut of one million barrels per day, which began in July, for another month, to include the month of September, with the possibility of extending or extending and increasing this cut. The Kingdom’s production in September 2023 is approximately 9 million barrels per day.
Moscow announced the extension of the decision to cut oil supplies voluntarily to include next September, and Russian Deputy Prime Minister Alexander Novak said, during statements to reporters, that his country will reduce oil exports by 300,000 barrels per day next month.
John Kirby, a spokesman for the White House National Security Council, said that the United States will continue to work with producers and consumers to ensure that the energy market promotes growth after Saudi Arabia's decision to extend oil production cuts.
