According to the trading data, after the end of the meeting of OPEC ministers, as well as OPEC member countries and its partners, on Friday by 23:00 Moscow time, oil prices slowed their growth after a jump of 5%. The price of Brent crude oil rose by 2.36% to $61.5 per barrel. WTI oil rose 1.88% to 52 dollars 45 cents a barrel. The parties to the OPEC + agreement decided to reduce production by 1.2 million barrels per day as a whole within 6 months from January. It was decided that OPEC countries will reduce production by 800 thousand barrels, and countries that are not part of the cartel - by 400 thousand barrels per day. The ministers agreed to meet in Vienna in April to discuss the progress of the deal. Iran, Venezuela and Libya will not take part in the deal.
Oil hikes after Trump says Saudi, Russia likely to resolve price war01.04.2020
Oil prices drop as U.S. inventory build-up, OPEC rift stresses market31.03.2020
Samsung Display to end all LCD production in South Korea and China by end 202031.03.2020
Pandemic crisis to hit economic growth in Asia, China, World Bank says