Oil price rises on OPEC+ statement to cut production

MOSCOW, September 5 – PRIME. World oil prices on Monday evening are rising by almost 3% after OPEC + announced a production cut in October, follows from the trading data.

As of 18.39 Moscow time, the price of November futures for Brent crude oil increases by 2.75%, to $95.58 per barrel, and October futures for WTI – by 2.58%, to $89.11.

Earlier on Monday, OPEC +, following the meeting, decided to return to the August terms of the deal and reduce oil production in October by 100,000 barrels per day. The decision was made to maintain oil prices and market stability.

“This decision is an expression of our readiness to use all the tools in our arsenal. This small change (in the terms of the deal – ed.) shows that we will be attentive, preventive and active in terms of maintaining stability and efficient functioning of the market,” he said in an interview. Bloomberg, Saudi Energy Minister Prince Abdulaziz bin Salman.