Oil prices jump by 2 percent against the backdrop of the agreement of OPEC and its allies



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Trading data indicated today, Monday, that oil price growth accelerated to 2 percent, due to the agreement of OPEC and its allies.

Moscow – Sputnik. Futures fell for the month of June

On Brent oil, it fell 0.66 percent to $ 31.61 a barrel, while May futures on Texas Intermediate crude fell 1.8 percent to $ 22.79 a barrel.

“OPEC +” group countries reached an agreement described as “historical”, And they agreed to reduce oil production By 9.7 million barrels per day, in the largest reduction ever.

And she said “OPEC +”, It has agreed to cut production by 9.7 million barrels per day In May and June, after four days of lengthy talks.

This is the largest ever cut in oil production, more than four times the reductions agreed during the 2008 financial crisis.

In a joint telephone conversation between Russian President Vladimir Putin, Saudi King Salman bin Abdulaziz, and US President Donald Trump, The leaders expressed their great satisfaction at the results of the efforts made to stabilize the oil markets Global, and maintained by the producing countries.

During the call, it was stressed the need for the producing countries to continue to fulfill their responsibilities and adhere to them in order to stabilize the oil markets and to support the global economy.


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