Today, Monday, oil prices recorded a remarkable rise in prices, as they jumped by about 7 percent at the beginning of the week’s trading, supported by the announcement of a voluntary cut in oil production by OPEC +, and 9 members of the OPEC + alliance announced Sunday evening, namely Algeria, Saudi Arabia. , Russia, the Emirates, the Sultanate of Oman, Iraq, Kuwait, Gabon, and Kazakhstan announced a voluntary reduction in their oil production.
Brent crude futures rose by 6.8% to $85.40 a barrel, after it scored $86 a barrel in the first minutes of trading today, Monday, compensating for the losses incurred due to the banking crisis, as crude fell below levels of $72, compared to $86 before the start of the crisis. .
And Nymex crude contracts rose by 7%, recording $80.94 a barrel, after it exceeded $81 levels, while the decision to cut production, amounting to a total of 1.66 million barrels per day, comes into effect from next May until the end of this year, in the largest production cut since the Organization of Nations’ decision. The oil exporter and its partners in October 2022, by reducing two million barrels per day.
On the other hand, the Minister of Energy and Mines, Mohamed Arkab, is participating today, via video conference technology, in the forty-eighth meeting of the Joint Ministerial Monitoring Committee of OPEC and non-OPEC countries (JMMC). This meeting will be devoted to studying the level of compliance with commitments to limit production. Voluntary cooperation for the countries of the Declaration of Cooperation for the months of January and February 2023.
The ministers responsible for oil in the Monitoring Committee will also have to assess the conditions and prospects for the short-term development of the global oil market. The Joint Ministerial Monitoring Committee of OPEC and non-OPEC countries consists of: Algeria, Saudi Arabia, the United Arab Emirates, Russia, Iraq and Kazakhstan Kuwait, Nigeria, and Venezuela
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