Oil: Opec plus throttles production

Zurich The alliance of oil exporters, Opec plus, has decided to cut oil production by up to two million barrels a day. The news agencies Bloomberg and Reuters report this unanimously, citing OPEC delegates. The amount of production cuts corresponds to around two percent of global oil demand.

Just a few hours earlier, the community of the largest industrialized countries (G7) had launched new Russia sanctions, which also include a price limit for Russian oil. Both decisions could reduce the oil supply and thus give the price a new boost.

The market had already anticipated the cut in production: even before the final decision was announced, the price of oil climbed above the $92 mark on Wednesday. Since the beginning of the week, crude oil has risen by around 4.5 percent.