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OPEC+ decided on Sunday to extend oil production cuts through the first half of the year to support prices by avoiding a surplus.
2 million barrels per day restrictions will remain in place until the end of June, Bloomberg News reported, citing delegates who asked not to be named because the information is not public. Saudi Arabia accounts for half of the promised production cuts.
Brent crude (CO1:COM), a global benchmark for oil prices, has traded around $80 a barrel this year as adequate supplies offset shipping disruptions in the Middle East due to conflict. regional.
Traders and analysts expected the energy cartel to extend production cuts, Bloomberg News reported. The Organization of the Petroleum Exporting Countries and its partners, such as Russia, face a seasonal decline in oil consumption and a rise in production from rivals including American shale drillers.
