Oil prices push up this Tuesday, April 4, after jumping more than 6% in the previous round, motivated by OPEC+ announcements to further cut its production. This is how it scores its fourth day of rises and moves away from its lows in more than a year reached last month. The increase in exports from Venezuela contain them.
Brent crude rose 68 cents, or 0.8%, to $85.58 a barrel. He West Texas Intermediate crude gained 68 cents, or 0.9%, to $81.12 a barrel.
He Brent it had fallen last month towards 70 dollars per barrel, the lowest level in 15 monthson fears that the global banking crisis and rising interest rates will affect demand, despite lower OPEC production in March due to the interruption of some exports from Iraq.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, announced further cuts on Sunday to their production target of about 1.16 million barrels per day (bpd). The group was expected to stick to its earlier decision to cut output by 2 million bpd through December at its monthly meeting on Monday.
The compromises raise total volume of OPEC+ cuts to 3.66 million bpdwhich is equivalent to 3.7% of world demand.
Venezuela’s oil exports increased in March to the highest monthly average since Augustdriven by the resumption of cargoes after a freeze on external sales and by the increase in cargoes assigned to Chevron Corporationaccording to documents and shipping data.
The state oil company PDVSA reinstated two export contracts after new boss Pedro Tellechea froze them in January: a medium-term contract with Hangzhou Energy and another with Adinius Services Societybased in Portugal, the documents show.
Source: Ambito
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