Global Oil Prices Rise Moderately on April 4 Morning Following OPEC+ Decision to Cut Production
04 April 2023
Global oil prices have risen moderately on April 4 morning after a significant jump on April 3, as markets continue to evaluate the decision made by OPEC+ to reduce oil production. June futures for Brent crude saw a 0.44% increase, reaching $85.3 per barrel, while May futures for WTI rose by 0.45% to $80.78.
The price surge on April 3 occurred after OPEC+ countries decided on an additional voluntary cut in oil production, resulting in a 6% increase in oil prices. According to the final communiqué released by the Ministerial Monitoring Committee, the total production cut will be 1.66 million barrels per day until the end of 2023.
US Treasury Secretary Janet Yellen has called the decision unfortunate, but found it difficult to assess its impact on oil prices. The White House has also expressed its disappointment, stating that it does not consider the decision to be reasonable.
The price surge on April 3 occurred after OPEC+ countries decided on an additional voluntary cut in oil production, resulting in a 6% increase in oil prices. According to the final communiqué released by the Ministerial Monitoring Committee, the total production cut will be 1.66 million barrels per day until the end of 2023.
US Treasury Secretary Janet Yellen has called the decision unfortunate, but found it difficult to assess its impact on oil prices. The White House has also expressed its disappointment, stating that it does not consider the decision to be reasonable.
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