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Oil prices rise and OPEC + are considering a production cut next month

Baghdad, Oil prices rose by nearly a dollar on Tuesday, with the escalation of tension after Iran seized a South Korean ship, while the OPEC + group is studying a possible production cut in February.

Brent crude futures for March delivery increased 96 cents to 52.05 dollars a barrel, while US West Texas Intermediate crude for February delivery reached 48.53 dollars a barrel, up by 91 cents.

The two benchmarks fell by more than one percent, Monday, after the Organization of Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC +, failed to agree on adjustments to oil production in February.

Saudi Arabia opposes pumping more crude due to the new isolation measures, while Russia is leading calls to increase production, indicating a recovery in demand.

An OPEC document, dated the fourth of this month, indicated that the group was considering a reduction of 500 thousand barrels per day in February.

Tension continued due to Iran’s seizure of a South Korean ship in the Gulf waters, while Iran says that Seoul owes it seven billion dollars.

 

Source: National Iraqi News Agency

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