Russia, Saudi Arabia Urge All OPEC+ Powers to Join Oil Cuts
The Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies agreed last week to new voluntary cuts of about 2.2 million bpd
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The Organization of the Petroleum Exporting Countries (OPEC), Russia, and other allies agreed last week to new voluntary cuts of about 2.2 million bpd
Oil prices were climbing early on Friday morning but bearish sentiment continues to dominate markets as WTI and Brent head for another weekly loss.
Brent crude futures were up USD 1.46 or 2 per cent at USD 75.51 a barrel at 14:31 GMT, while US West Texas Intermediate crude futures were up USD 1.33 or 1.9 per cent to USD 70.67 a barrel, , OPEC+, crude prices
Russia and Saudi Arabia are calling on all other OPEC+ members to adhere to their production cuts after oil prices tumbled.
Despite the OPEC+ supply curbs, prices have slipped nearly 11pc since the settlement on Nov 29