(LONDON) Oil prices accelerated their gains on Thursday as the announcement of new production cuts from OPEC producing countries approached, amid an already tight market.
Around 11:30 a.m., a barrel of Brent from the North Sea, for delivery in October, of which it is the last trading day, took 0.93% to 86.66 dollars.
Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery the same month, gained 1.09% to 82.52 dollars.
Russian Deputy Prime Minister Alexander Novak assured that members of the Organization of the Petroleum Exporting Countries and their allies (OPEC) have agreed on further production cuts.
“Yes, we agree” on further cuts, Novak replied when questioned by Russian President Vladimir Putin during a televised government meeting on Thursday. “But we will publicly announce the main parameters next week. »
“Driven by OPEC production cuts and lower crude exports, oil inventories have fallen sharply in recent weeks, supporting prices,” said UBS analyst Giovanni Staunovo.
Saudi crude exports for the first 27 days of August were estimated at 5.473 million barrels per day, their lowest level since April 2021, Staunovo said citing data from Petro-Logistics.
Extensions of voluntary cuts by some OPEC members are therefore expected “in the coming days”, he confirms.
In July, Saudi Arabia initiated a voluntary production cut of 1 million barrels per day, which has so far been extended until September. Russia had joined the movement, also reducing its export volumes.
