The price of North Sea Brent rose 31 cents to $ 53.91
Oil prices continued to rise on Wednesday. The decisive factor is the decision of the OPEC + oil network to reduce the bottom line in production in February and March. A barrel (159 liters) of the North Sea variety Brent cost 53.91 US dollars (43.93 euros) in the morning. That was 31 cents more than the day before. The price of a barrel of the US West Texas Intermediate (WTI) rose 13 cents to $ 50.06.
OPEC + moves price
This means that oil prices are close to their highs since the severe slump during the first corona wave in spring 2020. The trigger for the latest increase was the decision by OPEC + on Tuesday to reduce oil production in the next two months. The main burden is borne by the oil giant Saudi Arabia, while the second large producer, Russia, is even allowed to expand its production slightly.
The decision is likely to be the result of the tense corona situation in many countries, which is weighing on the demand for crude oil. The decision came after a lengthy debate between the countries, which again initially could not agree. As has often been the case, Saudi Arabia ultimately showed itself ready to significantly reduce funding. The move was apparently not agreed with the other states. Russia's Deputy Prime Minister Alexander Nowak spoke of a “New Year's present”.
