Oil rose above the level of $94 per barrel

Oil quotes on Thursday remain in the area of local highs reached after the announcement of the results of yesterday's meeting of OPEC+ ministers. 

The organization decided to reduce quotas for oil production in November by 2 million b/s. Analysts note that this decision signals that Saudi Arabia and the alliance as a whole are striving to stabilize and support oil markets.

At the same time, it is noted that the actual decline in production will be less, since at the moment OPEC+ lags behind the maximum permitted production levels by about 3.6 million b/s. About 1.2 million b/d of the total under–production is accounted for by OPEC countries, and 2.4 million – by OPEC+ countries.

Yesterday, after the end of the ministerial meeting, Brent jumped to the level of $93.90 per barrel. Today, the asset continued to grow and reached $94.44 per barrel. The last time such price values were observed was in mid-September. 

Additional support for the oil market was provided by data on fuel reserves in the United States. According to the Ministry of Energy of the country, commercial oil reserves decreased by 1.36 million barrels last week, while analysts predicted an increase of 1.8 million barrels.

Gasoline stocks decreased by 4.73 million barrels, distillate stocks – by 3.44 million barrels. Analysts expected a decrease in gasoline stocks by 1.1 million barrels and a drop in distillate stocks by 1.5 million barrels.