Oil up 5% after OPEC+ meeting
OPEC+ managed to reach a compromise on its production reduction plan for the coming months following a two-day meeting. Overall, the quota for February and March remains at just over 7 million bpd, However, Saudi Arabia decided to individually reduce oil production by an additional 1 million barrels. This step was taken voluntarily and caused an active growth of quotations - by the end of yesterday's session the Brent price rose by 5%. As officially stated by Saudi Arabia, it is driven by a desire to prevent the growth of surplus oil in storages. As of 10:30 a.m. on Wednesday morning the positive trend continues - Brent gained 0.69% to $53.97 and WTI gained 0.32% to $50.09. The decision of the alliance allowed some member countries, including Russia, to increase production. At the same time, a number of other countries have also voluntarily reduced its volumes, which totals to 425,000 bpd. amounted to 425,000 b/d. The list of these countries was not disclosed.