Brent crude rose by some 5% to around $84 a barrel while US West Texas Intermediate was up by as much as 5.2% to $79.64 a barrel.
that make up the OPEC+ cartel that they would slash collective output by some 1.16 million barrels per day.
The Organization of Petroleum Exporting Countries will slash oil production by 1.16 million barrels per day starting in May.The cut in oil production was also likely to further strain ties with the US, which has called on Saudi Arabia and other allies to increase production as it tries to bring prices down and squeeze Russia’s finances.
Saudi Arabia and other top oil producers, including non-OPEC members such as Russia, said that they would cut output by a half a million barrels a day beginning in May and extending through the end of the year.REUTERS “The new cuts are underpinning that the OPEC+ group is intact and that Russia is still an integral and important part of the group,”Rystad Energy said it believed the cuts will add to tightness in the oil market and lift prices above $100 a barrel for the rest of year, possibly taking Brent as high as $110 this summer.
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