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OPEC+ decides to extend voluntary oil cuts

Dubai, March 3 (Prensa Latina) The Organization of Petroleum Exporting Countries and 10 allied nations, a group known as OPEC+, decided today to extend its voluntary crude oil cuts until the second quarter, sources close to the organization reported.

The bloc, which last November agreed to voluntary reductions in its extractive level by 2.2 million barrels per day during the first quarter of 2024, agreed this Sunday to extend them until the second.

According to analysts, this extension could lead to new increases in oil prices, which currently exceed $80 a barrel.

Precisely the fear among investors that the alliance would agree to continue with such cuts represented one of the main causes of the sharp increase in prices in the last week.

In that period, the barrel of Texas Intermediate oil (WTI) accumulated 4.6 percent gains, ending at $80.00.

In turn, North Sea Brent crude oil rose 2.4 percent to settle at $83.62.