On Friday, oil prices continued to rise, ending the first quarter with a steady increase. The quotes are supported by the decision of Russia and other OPEC+ countries to reduce oil production, which decreased concerns about an oversupply on the world market. The current price of Brent oil is $87.00 per barrel. North American WTI crude is trading near $83.10 per barrel. The price increase is mainly due to a tightening of forecasts for the market, as Russia, Saudi Arabia and other OPEC+ countries have confirmed their commitments to limit oil production. Earlier in March, Russia announced further production cuts, and at the same time, the supply of petroleum products to the country decreased after a series of attacks on refineries. Some signs of easing tensions in the oil-rich Middle East region caused by the conflict between Israel and Hamas have also contributed to the rise in oil prices. In addition, the market was supported by constant supply disruptions due to Houthi attacks on ships in the Red Sea. Investors are closely watching the upcoming meeting of the Joint Committee of Ministers for Monitoring OPEC+, fearing geopolitical risks. However, the group probably will not make changes to oil production policy until the full meeting of ministers in June. Russia and Saudi Arabia, the leaders in OPEC+, extended production cuts by 2.2 million barrels per day until the end of June. Although expectations of changes in supply policy remain low, any signals of non-compliance with current quotas will be seen as a pessimistic sign.
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