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OPEC+ members finally reached a consensus

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Miguel A. Rodriguez
Miguel A. Rodriguez
11 January 2021
Oil prices went up as Saudi Arabia decided to slash its output

After two days of discussions and overcoming their differences, OPEC+ members finally reached an agreement regarding the oil output.

According to the latest agreement, Saudi Arabia will cut the output by one million barrels per day in February. Also, other producers will either keep or increase their current production levels. Kazakhstan and Russia would cut their production by a combined 75,000 barrels per day in the next two months.

From Russian Deputy Prime Minister Alexander Novak's point of view, Saudi Arabia's decision to cut the daily output by 1 million barrels is "a great New Year present for the whole oil industry."

After the decision became public, during the Asian trading hours, Brent oil traded 0.56% higher at $53.83 per barrel, while Crude went up 0.18% to $50.02 a barrel.

The markets are expecting the crude oil supply report from the US Energy Information Administration due later today.

Read more about the matter here!

Sources: investing.com

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.