Oil jumps above $35 due to intention of Russia and Saudi Arabia to reduce production
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(IraqiNews.com) Baghdad – On Thursday, Russia revealed its intention to coordinate with Saudi Arabia and the rest of the Organization of Oil Producing Countries (OPEC) members to reduce the oil production in order to stop the decline in its price, while indicated that Saudi Arabia has offered a reduction of 5% in the production of each of the two countries that led the price of Brent crude to rise over $35 per barrel.
Russian Energy Minister Alexander Novak said in media statements followed by IraqiNews.com, “Russian officials decided to discuss the reduction of oil production with Saudi Arabia and other OPEC members in order to enhance the oil prices in February,” noting that, “Saudi Arabia has offered a reduction reaches 5% in the oil production of each of the two countries to enhance the oil prices.”
The price of Brent crude rose today by 4.1 % to reach $35.13 a barrel, while the price of West Texas Intermediate recorded an increase of 2.7% to reach $34.21 a barrel.