Oil prices have risen, the largest producers have agreed to extract

Oil prices have risen, the largest producers have agreed to extract

Oil prices rose sharply on Tuesday, by more than 4%. Markets reacted to reports that the world's largest producers agreed on production volumes in February and March. According to OPEC (Organization of the Petroleum Exporting Countries) sources, Russia, which is not a member of the cartel, will increase production by 65,000 barrels in February and March and Kazakhstan by 10,000 barrels per day. And OPEC's leader in Saudi Arabia will voluntarily reduce its production by 400,000 barrels a day. It fears weak demand for oil in key economies as a result of the reintroduction of blockades to halt the spread of the new coronavirus. A barrel (159 liters) of American light oil West Texas Intermediate (WTI) with a delivery in February on Tuesday sold for 49.85 USD (40.62 euros). This was $ 2.23 or 4.68% more than the previous day at the end of trading. The price of the March contract for the North Sea Brent oil mixture increased by USD 2.11 or 4.13% to USD 53.20 per barrel.