Oil prices achieve unprecedented surprise in the world a few months after the Kingdom’s decision to cut production

Al-Marsad Journal: Oil prices rose more than 5% in today’s trading, pushing their gains above the $ 50 a barrel barrier, and to their highest level since February 2020 , supported by the news of Saudi Arabia’s voluntary reduction in production.

US agency “Bloomberg” reported an increase in March delivery contracts for Brent benchmark crude by 5.30% to $ 53.81 per barrel, and the February contract for US crude NYMEX has increased by the same percentage to $ 50.14 per barrel.

Members of the Organization of the Petroleum Exporting Countries and Non-OPEC Countries today decided to cut production rates to 7.125 million barrels per day in February, and 7.05 million barrels in March.

Energy Minister Prince Abdulaziz bin Salman confirmed that “Saudi Arabia will voluntarily reduce its oil production in February and March at a rate approaching about one million barrels per day.”