West Texas Crude Oil Contract Delivered in Feb. Trading on the NYMEX rose $1.61, or 2.07%, to close at $79.46 a barrel. Brent crude futures were up $1.19, or 1.5 percent, at $81.99 a barrel.
Russia has deployed paratroopers to Kazakhstan today to maintain peace. After violence across the country caused people to protest high oil prices. causing the government to announce resignation
Kazakhstan is an oil-rich country. It is a member of the OPEC Plus group, but there are no signs of the unrest in Kazakhstan affecting oil production. which in the past can produce 1.6 million barrels of oil per day
Oil production in Libya fell by more than 500,000 barrels per day due to the closure of several oil wells. including the closure of oil pipeline maintenance
In addition, oil prices were also supported by the Organization of the Petroleum Exporting Countries (OPEC) and allied nations. or OPEC Plus It has resolved to adhere to the original agreement to increase oil production to only 400,000 barrels per day in February. Although the United States and its allies pressured OPEC Plus to increase production more. to slow the rising of oil prices
Previously, OPEC Plus had a resolution in July 2021. to increase oil production by 400,000 barrels/day each month Until April 2022
OPEC Plus will hold its next meeting on Feb. 2 to consider its production policy for March.
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