The decision continues to keep global markets tense and potentially push prices higher.
OPEC+ member countries agreed on Wednesday, March 3, to continue voluntary cuts in oil production for the second quarter of 2024, which will lead to tension in global markets and a potential increase in prices. Bloomberg writes about it.
A group of key members led by Saudi Arabia recommended no change in policy. This means that oil production limits of around 2 million barrels per day will remain in place until the end of June.
Production cuts by OPEC+ members and their partners, combined with robust fuel demand, pushed oil prices to nearly $90 a barrel in London, their highest level this year. The conflict in the Middle East also supports oil futures.
By maintaining the restrictions, OPEC+ will ensure a slight deficit in global oil markets in the second quarter, analysts said. The shortage could cause oil prices to rise to $100 per barrel.
Let’s recall that Russia’s seaborne oil exports increased by $50 million to their highest level in 2024 – $1.66 billion per week.
Russia’s budget revenues from oil and gas in March 2024 almost doubled compared to the same period in 2023 and by 38.3% compared to February.
Source: korrespondent
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