🔹Output Cut by 1.66 million bpd was announced on Sunday was confirmed at a meeting of the Joint Ministerial Ministerial Monitoring Committee.
🔹Early trading saw Oil prices jump more than 6.5% higher on Monday morning, with WTI breaking above $80 and Brent close to $85.
OPEC and non-OPEC, including Russia, pledged a total of 1.66 million barrels per day (bpd) of production cuts in addition to those already in place as of November last year during a meeting of the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group on Monday.
The meeting, which was anticipated to be a typical no-news event just a few days prior. Subsequently turned out to only be routine in that it acknowledged the reduction announced on Sunday. The news Caused oil prices to rise by more than 6% early on Monday and sent WTI Crude back above $80 per barrel.
The meeting took note of the voluntary production adjustment announced on Sunday by the following countries: Saudi Arabia (500,000 bpd). Iraq (211,000 bpd), the United Arab Emirates (144,000 bpd). Kuwait (128,000 bpd), Kazakhstan (78,000 bpd). Algeria (48,000 bpd), Oman (40,000 bpd), and Gabon (8,000 bpd). starting in May and lasting through the end of 2023.