According to one analyst, the cut in oil production could cause the price of oil to rise by $10 a barrel.
(Photo: dpa)
Dubai Oil prices reacted to the announced production cut by the OPEC plus oil association with a sharp rise on Monday. In the morning, a barrel (159 liters) of North Sea Brent for delivery in June cost 83.75 US dollars. That was around five percent more than on Friday. The price for a barrel of the American West Texas Intermediate (WTI) variety for delivery in May also rose sharply by around five percent to $79.36.
Last night, a barrel of crude oil from the North Sea was at times worth $86.44. This is a premium of more than eight percent compared to Friday evening. The reason: the oil alliance Opec plus wants to reduce its oil production.
From May, production is expected to fall by a total of 1.15 million barrels per day. According to Saudi Arabia alone, it plans to cut production by 500,000 barrels a day.
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