AGL 23.47 Decreased By ▼ -0.93 (-3.81%)
AIRLINK 106.11 Decreased By ▼ -3.18 (-2.91%)
BOP 5.17 Decreased By ▼ -0.12 (-2.27%)
CNERGY 3.66 Decreased By ▼ -0.01 (-0.27%)
DCL 7.80 Decreased By ▼ -0.20 (-2.5%)
DFML 44.19 Decreased By ▼ -0.11 (-0.25%)
DGKC 88.50 Decreased By ▼ -0.30 (-0.34%)
FCCL 21.75 Decreased By ▼ -0.24 (-1.09%)
FFBL 42.52 Increased By ▲ 0.24 (0.57%)
FFL 8.75 Decreased By ▼ -0.15 (-1.69%)
HUBC 147.80 Decreased By ▼ -3.90 (-2.57%)
HUMNL 10.25 Decreased By ▼ -0.10 (-0.97%)
KEL 4.34 Decreased By ▼ -0.11 (-2.47%)
KOSM 3.79 Decreased By ▼ -0.16 (-4.05%)
MLCF 36.40 Decreased By ▼ -0.20 (-0.55%)
NBP 49.30 Increased By ▲ 0.14 (0.28%)
OGDC 130.85 Decreased By ▼ -0.85 (-0.65%)
PAEL 25.95 Decreased By ▼ -0.36 (-1.37%)
PIBTL 6.05 Decreased By ▼ -0.02 (-0.33%)
PPL 114.55 Decreased By ▼ -0.90 (-0.78%)
PRL 22.60 Decreased By ▼ -0.07 (-0.31%)
PTC 12.37 Decreased By ▼ -0.13 (-1.04%)
SEARL 55.70 Decreased By ▼ -0.49 (-0.87%)
TELE 7.25 Decreased By ▼ -0.15 (-2.03%)
TOMCL 36.40 Decreased By ▼ -1.29 (-3.42%)
TPLP 7.95 Decreased By ▼ -0.39 (-4.68%)
TREET 15.29 Decreased By ▼ -0.04 (-0.26%)
TRG 56.70 Decreased By ▼ -3.26 (-5.44%)
UNITY 31.85 Decreased By ▼ -0.49 (-1.52%)
WTL 1.17 Decreased By ▼ -0.01 (-0.85%)
BR100 8,295 Decreased By -111.5 (-1.33%)
BR30 26,102 Decreased By -351.9 (-1.33%)
KSE100 78,469 Decreased By -927.7 (-1.17%)
KSE30 25,198 Decreased By -319.9 (-1.25%)

LONDON: Oil prices jumped about 2% on Tuesday after Saudi Arabia and Russia announced a fresh extension to their voluntary supply cuts, stretching a combined 1.3 million barrel per day (bpd) reduction for another three months through December.

Brent crude futures for November were up $1.44, or about 1.6%, to $90.44 a barrel by 1334 GMT, eclipsing the $90 level for the first time since last November.

Meanwhile, U.S. West Texas Intermediate crude (WTI) October futures rose $1.85, or about 2%, to $87.4.

Oil edges up on prospect of extended OPEC+ supply cuts

Riyadh’s decision to extend its 1 million bpd voluntary cut will be reviewed monthly to consider whether to deepen the cut or increase production, state news agency SPA said on Tuesday.

Saudi Arabia was widely expected to extend its voluntary cuts into October.

Fellow OPEC+ member Russia also prolonged its voluntary cuts through the end of the year “to maintain stability and balance” on oil markets, Deputy Prime Minister Alexander Novak said on Tuesday.

The world’s second-largest oil exporter is reducing exports by 300,000 bpd for the period. It has been cutting output and exports in tandem with Saudi Arabia on top of existing OPEC+ supply reductions.

Russia had said it would cut oil exports voluntarily by 500,000 bpd, about 5% of its output, in August and by 300,000 bpd in September. Russia is also reducing its oil production by 500,000 bpd until the end of 2024.

Comments

Comments are closed.