Brent crude, a reference for Europe, rose more than 2% on Tuesday afternoon due to the announcement by Russia and Saudi Arabia that they are going to carry out additional cuts in their oil exports until the end of the year, therefore that a barrel exceeded 90 dollars – it has reached a maximum of 91.15 dollars – for the first time since November 2022, according to market data consulted by Europa Press.

So far this year, Brent crude has risen 5.7%, although it reached an annual minimum in mid-March at $70.12 a barrel and since then has accumulated a revaluation of 23%.

For its part, the price of WTI oil from Texas, a reference for the US market, also rebounded vigorously, 2.15%, to stand at 87.4 dollars a barrel -although it has reached 88 dollars -, so it returned to maximums not seen since June 2022.

The rise in raw material prices is explained by the announcement by Russia and Saudi Arabia, two of the most important countries in the OPEC alliance.

Specifically, Russia has announced an additional voluntary reduction in supply to world markets by 300,000 barrels per day until the end of next December.

For its part, Saudi Arabia extends the reduction of one million barrels until the end of the year, after announcing in July that it would be extended until September. Thus, its production will be about 9 million barrels a day during the remainder of 2023.

According to the communiqu├ęs of the governments of both countries, issued this Tuesday, this decision will be reviewed monthly to consider the possibility of deepening the reduction or increasing production, depending on the world market situation.

This measure is in addition to the voluntary reduction announced in April of this year, which will last until the end of December 2024.

The additional reduction announced this Tuesday aims to “strengthen the precautionary measures taken by the OPEC countries to maintain the stability and balance of the oil markets.”

The big European oil companies, which traded flat or with slight advances during most of the session, have ended up gaining momentum in the final stretch of the negotiation: Repsol has added 0.44%; Shell 1%; Eni 1.59%; Equinor 1.68%; BP 1.95% and TotalEnergies 2.01%.