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Oil prices continue to surge as OPEC's members maintain production cuts

  • Regular
  • Economy
  • 9 months ago
  • 169

Oil is enjoying a surge of late after falling by more than 40% over the last 3 months.

Saudi energy minister, Khalid al-Falih announced the country would reduce its production numbers to 10.2 million bpd in January, giving further evidence that OPEC’s members are keeping their word on the agreed cuts discussed in Vienna last year.

With that U.S. WTI (West Texas Intermediae crude) rose by 5.2% to $52.36 per barrel, while Brent crude increased to 4.3% to $61.27 per barrel.

 

 

Source: Smart Trend Team