Oil prices jump as producers cut output
- Date: 02-Feb-2021
- Source: Gulf Today
- Sector:Oil & Gas
- Country:user-top-picks
Oil prices jump as producers cut output
Picture used for illustrative purpose. File
Gulf Today Report
Oil prices advanced up to 1% on Tuesday following major producers decisions to cut crude output to support the market suffering from low demand.
Brent crude was up 51 cents, or 0.9%, at $56.86 a barrel while US oil gained 53 cents, or 1%, to $54.08 a barrel.
According to data, OPEC crude production rose for a seventh month in January after an agreement to reduce supply curbs, although the growth was less than expected.
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Russian output increased in January but in line with the agreement on reducing production, while in Kazakhstan oil volume fell for the month. Both countries are members of the OPEC+ grouping that banded together to help support prices with production cuts.
According to