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Oil Prices Rise After A Historic Agreement Of “OPEC +”

Baghdad, Oil prices rose during trading today, Monday, after “OPEC” and its partners agreed to a “historic” reduction in production”, amid the crisis of the spread of the Coronavirus in the world.

By this morning, the Brent mix was trading at $ 32.68 a barrel, an increase of 3.81% from the previous closing session, while the American mix, “West Texas Intermediate” increased by 3.78% to $ 23.62 a barrel.

It is mentioned that OPEC + countries, led by Russia and Saudi Arabia, announced on Sunday evening “the largest production cut in history”, in the hope that this would contribute to raising the price of oil amid the spread of the Covid-19 epidemic.

According to the agreement, a group of oil countries will reduce production from next May by 10 million barrels per day, provided that these cuts are reduced until April 2022.

Source: National Iraqi News Agency

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