Oil prices for this week continued to surge throughout after OPEC chopped out a deal to cut the production.On Wednesday in Vienna, the Organization of the Petroleum Exporting Countries reached a deal to cut their oil production by 1.2 million barrels per day in order to raise global prices. OPEC nations currently produce 33.7 million barrels of oil per day, total. Under the deal, they’ll bring that down to 32.5 million barrels per day, with Saudi Arabia, Iraq, UAE, and Kuwait making the biggest cuts. Earlier in the week, the talks nearly deadlocked as Saudi officials tried to convince Iraq and Iran to reduce production — both countries have been trying to increase oil output of late as they emerge from war and sanctions, respectively. But in the end, they reached a compromise.
Global oil prices have surged 15 percent since the announcement, with Brent crude rising from $46 per barrel up to $53.77 per barrel byThursday afternoon.
On Thursday, closing crude values have increased.WTI on NYME closed at $51.62/bbl, prices have increased by around $1.62/bbl in compared to last closing prices. While Brent on Inter Continental Exchange decreased by $50.46/bbl in compared to last trading and was assessed around $0.01/bbl.
