Home News Oil prices maintain a positive momentum


Oil prices maintain a positive momentum

Oil prices has recovered again, offsetting a slight decline. This happened after the data publication which confirmed that OPEC countries are adhering the production cuts agreement terms. In February, the organization members fulfilled their obligations on 94%; in January this was 82%.

The oil production decrease leader is the Saudi Arabia, the results of which allow to compensate the lagging countries poor indicators, such as Iraq. The Russian Federation, which acceded to the OPEC agreement in December last year, has also reduced the oil production to 11.1 million barrels per day.

Thus, in the course of today’s trading, the price of the Brent oil has increased to $56,70, and the cost of WTI contracts – to $54,20 per barrel. The positive dynamics of oil prices is also preserved due to the fact that Donald Trump in his address to the Congress hasn’t outlined a specific plans of the energy sector regulation.