Oil countries extend production cuts

Members of OPEC and several other oil producing countries reached agreement to extend reductions on oil production. However, there are indications that the market expected more from the extension.

Photo: ritzau/Hasan Jamali/AP

OPEC members and several other oil producing countries reached a deal Thursday to extend production cuts agreed upon last November. This means that production up to and including the first quarter of 2018 has lowered by 1.8 million barrels daily.

Friday morning, the price for US WTI oil was back to under USD 50 per barrel with a decline of nearly five percent to USD 48.88, while a barrel of Brent was traded at USD 51.47 per barrel, which amounts to a one percent increase.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

WindEurope warns against negative auction bids

If more countries introduce negative bids, where firms pay to establish wind projects, it could lead to higher electricity bills or more pressure on the supply chain, says the industry association.

BW Offshore halved bottom line in Q1

The Norwegian firm reports decline in several items compared to the same quarter of 2021 but predicts fine advancement in the rest of 2022, for which both floating wind projects and high energy prices show promise.

Equinor exits Russia

Norwegian oil company Equinor has taken its final step out of the Russian market by transferring joint venture assets to Rosneft.

Further reading

Related articles

Latest News

See all jobs