Oil rises in price on expectations of production cuts

Нефть дорожает на фоне ожиданий о сокращении добычи

Oil on Tuesday has risen with the hope that the world’s largest producers agree on production cuts.

So, according to the source, the Brent crude rose by 3.03% to $34,05 per barrel by 8:32 in Kiev and crude fell 3.3% to $26.94 per barrel.

It is noted that the world’s leading oil producers, including Saudi Arabia and Russia will likely agree to cut production at a meeting on Thursday, but only if they will join US.

The threat of a deep recession looms over the oil market due to the significant contraction in economic activity as a result of the pandemic, as well as restrictions and measures of social distancing, facing half the world’s population.

According to experts, oil producers need to significantly and quickly cut production if they want to prevent the complete saturation of the oil markets.

As reported, according to the Agency Bloomberg, the meeting of the Alliance the world’s largest oil producers OPEC+ moved, in advance, on 9 April.