OPEC plus extends production cuts: Oil prices soar by 3% in Asian Trading

Oil prices surged in early Asian trading today following a decision by the OPEC Plus alliance to extend voluntary production cuts and adjust production baselines until the end of 2024, reports Al-Rai Daily.

Brent crude futures soared by 3 percent, or $2.29, reaching a remarkable $78.42 per barrel. Earlier in the session, Brent crude even hit a session high of $78.73 per barrel.

Similarly, US West Texas Intermediate crude climbed 3.2 percent, or $2.27, to reach $74.01 per barrel, with the day’s peak hitting $75.06 per barrel.

The market responded positively to the news, reflecting investors’ confidence in the continued efforts of OPEC Plus to maintain supply discipline and stabilize the global oil market. This development highlights the ongoing importance of cooperation among oil-producing nations to support oil prices and ensure market stability.