Canada came to the aid of Russia

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Photo: Todd Korol / Reuters

The rise in oil prices for the first time after several weeks of falling is associated not only with the decision of Russia and Saudi Arabia to extend the agreement OPEC+, but with the actions of Canada, which significantly reduced production, according to Bloomberg.

According to the Agency, the authorities of the canadian province of Alberta, the main oil region of the country, has decided to cut production by 325 thousand barrels per day. Largely because of that, oil prices in early Dec rose after months of decline.

On the morning of 3 December a barrel of Brent crude on the ICE futures exchange was trading at 62.5 dollars per barrel, which is five percent above the closing price of the previous session. At the time of publication the cost of the February futures was equal to 61,73 USD.

December 1, Russian President Vladimir Putin announced that it has agreed with the crown Prince of Saudi Arabia Mohammed bin Salman renewal of the agreement OPEC+ reduction of oil production. The agreement involves all members of OPEC (Organization of countries — exporters of oil), and 11 of its member States. Canada is not among them.

Video, photo All from Russia.

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