Brent crude rose by 1.7 percent to reach $77 a barrel — the first time since May 24.Earlier in the week, Saudi Arabia and RussiaWhile Saudi Arabia said it would extend its voluntary output cut of one million barrels per day until August, Russia pledged to reduce production by 500,000 bpd.
In October 2022, the Organisation of Petroleum Exporting Countries and its allies, known as OPEC+,On the back of the agreement, Saudi Arabia and some members of the OPEC+, in April 2023, announced voluntary cuts amounting to 1.66 million bpd.OPEC+ alliance aims to achieve balance in global oil markets and avoid an accumulation in inventories., is currently running a voluntary production cut of 1.742 million bpd, 84,000 bpd lower than the required production of 1.826 million bpd.
Source: Loan Digest (loandigest.net)
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