Oil prices climb amid plans on further output reduction
On 12 May 2020 (07:59, Moscow time), Brent Crude Oil futures price rose by 0.47% to $29.78 per barrel, Light (WTI) for June delivery climbed by 1.08% to $24.4 per barrel.
Saudi Arabia will cut extra 1 mln barrels per day of oil production over OPEC agreement. The United Arab Emirates will cut its oil output by 100000 barrels per day more in June than its commitments under the OPEC+ pact Kuwait announced extra oil cuts with additional 80,000 barrels per day.
On 12 April 2020, OPEC+ approved new oil output cut by 9.7 million bpd in May-June, 7.7 million bpd in the second half and 5.8 million bpd by May 2022.