OPEC+ successfully ends a two-day meeting

January 06, 2021
OPEC+ successfully ends a two-day meeting

Saudi Arabia will cut the oil output by 1 million barrels per day

It seems like two days of consultations were enough for OPEC+ members to agree on the oil output for the next two months.

Saudi Arabia and Russia managed to overcome their differences; under the latest agreement, the first will slash production by 1 million oil barrels per day, while Russia and Kazakhstan together will reduce the output by 75,000 barrels daily.

The news was beneficial to the oil price, as both Brent and Crude went up during the Asian trading hours. The former went up 0.56% to $53.83 a barrel, while the latter gained 0.18% reaching $50.02/ barrel.

Keep an eye on the crude oil report from the US Energy Information Administration (EIA) due later today.

More about OPEC+ latest struggles here!

Sources: investing.com

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