Oil prices reacted to the OPEC+ oil supply cut with a sharp rise today. A barrel (159 liters) of North Sea Brent for delivery in June cost 83.75 US dollars (77.01 euros) in the morning. That was $3.86 more than on Friday. The price of a barrel of West Texas Intermediate (WTI) for delivery in May also rose sharply by $3.69 to $79.36.
Last night, a barrel of crude oil from the North Sea was at times worth $86.44. This is a premium of more than eight percent compared to Friday evening. The reason: the oil alliance OPEC+ wants to reduce its oil production.
From May, the production volume of the members of the OPEC oil cartel organized in OPEC+ and other important oil states such as Russia should be around one million barrels per day lower. Saudi Arabia led the oil alliance yesterday with a planned production cut of 500,000 barrels a day. Other OPEC members like Kuwait, the United Arab Emirates and Algeria followed suit, while Russia plans to continue its output cut until the end of 2023.