Oil rose by 5% after the results of the OPEC + meeting
OPEC + managed to reach a compromise following a two-day meeting according to the plan to reduce production for the coming months. In general, the quota for February and March remain at a little over 7 million b / d, however, Saudi Arabia decided on an individual basis further reduce oil production by 1 million barrels. This the step was taken voluntarily and caused an active growth of quotations - to at the end of yesterday's session, Brent rose in price by 5%. Saudi Arabia has officially stated that it is driven by desire prevent the growth of surplus oil in storage. Wednesday morning, by as of 10:30 am, the positive dynamics on the exchanges continues - Brent added 0.69%, rising to $ 53.97, WTI rose by 0.32% up to $ 50.09. The decision of the alliance allowed some member countries, including including Russia, to increase production. At the same time, a number of other states also went to a voluntary decrease in its volume, which in total is 425 thousand b / s. The list of these countries was not disclosed.