OPEC+ members finally reached a consensus

OPEC+ members finally reached a consensus

Oil prices went up as Saudi Arabia decided to slash its output

After two days of discussions and overcoming their differences, OPEC+ members finally reached an agreement regarding the oil output.

According to the latest agreement, Saudi Arabia will cut the output by one million barrels per day in February. Also, other producers will either keep or increase their current production levels. Kazakhstan and Russia would cut their production by a combined 75,000 barrels per day in the next two months.

From Russian Deputy Prime Minister Alexander Novak's point of view, Saudi Arabia's decision to cut the daily output by 1 million barrels is "a great New Year present for the whole oil industry."

After the decision became public, during the Asian trading hours, Brent oil traded 0.56% higher at $53.83 per barrel, while Crude went up 0.18% to $50.02 a barrel.

The markets are expecting the crude oil supply report from the US Energy Information Administration due later today.

Read more about the matter here!

Sources: investing.com

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