The price of oil is growing on the news of the imminent decline in its production in Saudi Arabia

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Today, Brent oil prices are steadily growing following the announcement of Saudi Arabia Energy Minister Khalid al-Falih that the country intends to reduce the volume of oil production in the country.

Brent quotes reached $63.30 per barrel, WTI rose to $54.00 per barrel. The rise in prices occurred after Saudi Arabia announced its readiness to reduce the production of "black gold" in March to almost 9.8 million barrels per day, exports - to 6.9 million barrels per day. Under the terms of the OPEC deal, the kingdom should reduce production by 322 thousand barrels per day from the level of October 2018 - to 10.311 million barrels per day.

However, today's report from OPEC could put pressure on the commodity asset, as the organization lowered its forecast for global oil demand growth in 2019 by 50 thousand barrels per day to 1.24 million barrels.

The material has been provided by InstaForex Company - www.instaforex.com