Crude oil prices rose in early trading today, Wednesday, in anticipation of the outcome of a meeting held today by the Ministerial Committee to control production cuts in the "OPEC Plus" coalition.
The committee will meet during a later television session Wednesday, in preparation for submitting recommendations to member states regarding the production reduction agreement, and the commitment of producing countries to their stipulated shares.
And ends in July this first phase of an agreement to reduce production, which began implementation at the beginning of last May, with a total reduction of 9.7 million barrels per day.
The second stage begins in early August next, reducing the size of the reduction to 8 million barrels per day and continues until the end of 2020, and a third phase with a total reduction of 6 million barrels early 2021 until April of the same year.
By 08:35 GMT, Brent crude futures for September delivery rose 1.49%, or 52 cents, to $ 43.55 a barrel.
US West Texas Intermediate crude for August delivery rose 1.69%, or 69 cents, to $ 40.98 a barrel.
Prices received support from a preliminary US statement that showed a decline of 8.3 million barrels in the week ending July 10 to 531 million barrels.