Oil prices rose today, Wednesday, to the highest level since February 2020, after Saudi Arabia announced an additional voluntary production cut during February and March.
According to Arabnet, the global benchmark Brent crude oil rose $ 2.51, or 4.9%, to reach $ 54 a barrel after recording its highest level in closing. Yesterday at $ 53.90.
US West Texas Intermediate crude oil futures rose $ 2.31, or 4.9%, at $ 50.24 a barrel after jumping earlier yesterday to $ 50.20.
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The Saudi Energy Minister, Prince Abdulaziz bin Salman, described the voluntary reduction in oil production as a sign of good intentions from Saudi Crown Prince Mohammed bin Salman to support the oil markets. / p>
Saudi Arabia announced an additional voluntary reduction in oil production by one million barrels per day in February and March next, in addition to its share of the OPEC + group cuts.
The group's countries agreed to increase oil production by 75,000 barrels per day in February, and the same in March, thus reducing production cuts by this amount.
and the OPEC + group decided that it will hold the next meeting of the Joint Ministerial Monitoring Committee of the oil production agreement on February 3, and the next expanded meeting of the group on March 4, 2021.
OPEC + has requested non-compliant countries to submit compensation plans by January 15th.
