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

This information prepared by ClickTrades.com is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.
This information is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation or the particular needs of any recipient.


You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.



This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent.
Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of ClickTrades.com.

Recently Added

Most Affected Instruments

BrentOil
arrow
brentoil chart