Opec extends voluntary cuts to support oil market stability

Opec extends voluntary cuts to support oil market stability

Opec+ producers led by Saudi Arabia and Russia have stretched their additional voluntary crude supply cuts for another three months, as the oil bloc strives to support the stability and balance of sluggish markets. Oil prices traded flat Monday morning after a slight spike following the Opec announcement. Brent crude traded around $83.50 per barrel. […]

Cuts extended for three months

Saudi Arabia cutting 1m bpd

Opec watching market conditions

Opec+ producers led by Saudi Arabia and Russia have stretched their additional voluntary crude supply cuts for another three months, as the oil bloc strives to support the stability and balance of sluggish markets.

Oil prices traded flat Monday morning after a slight spike following the Opec announcement. Brent crude traded around $83.50 per barrel. However, the global benchmark has gained nearly 4 percent in a week in anticipation of Opec’s decision and amid increasing geopolitical concerns over the Gaza conflict.

The US benchmark West Texas Intermediate traded at $79.80 per barrel, but it gained nearly 5 percent during the last week.

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