The barrel price of Brent oil, which completed Friday at $ 79.89, became $ 83.86 with an increase of 4.97 percent compared to the closing as of 09.30 today. At the same time, West Texas Intermediate (WTI) crude oil found buyers at $79.30 a barrel.
The rise in prices was driven by increased supply concerns after the decision of the OPEC+ group member countries, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, to cut production.
According to the news in the Saudi Arabian official news agency SPA, which was based on the sources of the Ministry of Energy, Saudi Arabia decided to reduce its daily oil production by 500 thousand barrels from May to the end of the year in coordination with OPEC+ countries.
It was informed that this voluntary deduction is in addition to the deduction decision taken in November 2022.
Russian Deputy Prime Minister Aleksandr Novak also said in a written statement yesterday that there are high volatility and unpredictable processes in the oil market due to the banking crisis in the USA and Europe and the wrong steps taken in the energy field in the world.
Stating that Russia has decided to cut oil production as a preventive step, Novak said, “We will reduce our oil production by 500 thousand barrels per day until the end of the year compared to our February production volume.” used the phrase.
Iraq has announced that it will cut 211 thousand barrels, United Arab Emirates 144 thousand, Kuwait 128 thousand, Kazakhstan 78 thousand, Algeria 48 thousand, Oman 40 thousand and Gabon 8 thousand barrels.
With these developments, OPEC+ countries will have cut approximately 1.6 million barrels per day as of May, in addition to the current 2 million barrels per day production cut.
The OPEC+ group Joint Ministerial Monitoring Committee (JMMC) Meeting will be followed in the markets today.
At the meeting in October 2022, OPEC+ countries decided to cut 2 million barrels of daily oil production until the end of 2023.
Technically, the range of $84.70 to $85.82 in Brent oil can be viewed as resistance, and the range of $83.58 to $82.46 as the support zone.