MADRID, 5 Jun. (EUROPA PRESS) -

The price of a barrel of oil, both in its Brent and West Texas Intermediate varieties, traded with increases after the announcement this Sunday by OPEC, which groups the Organization of Petroleum Exporting Countries (OPEC) and other producers such as Russia, that it will maintain a joint production of 40.46 million barrels per day during 2024, thus consolidating the previously announced cuts.

In this way, the price of a barrel of reference crude for the Old Continent rose this Monday to 78.72 dollars, in maximums since the end of May, although later it relaxed its climb to slightly more than 77 dollars, with a rise slightly above 1% compared to Friday.

In the case of WTI crude oil, a reference for the United States, the rebound reached more than 75 dollars, in highs since the beginning of May, although later the price of a barrel of this type of oil moderated to 72.81 dollars, 1.5% more.

This Sunday, the OPEC countries confirmed their commitment to adjust the level of total production of crude oil to 40.46 mb/d, from January 1, 2024 and until December 31, 2024.

As agreed, the OPEC countries will maintain their production throughout next year at 24.994 million barrels per day, while producers outside the cartel will supply 15.469 mb/d.