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2021-02-03

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Oil prices rise as producers commit to output restraint

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Both contracts rose more than 2% in the previous session.</p>\n<p>OPEC crude production increased for a seventh month in January, a Reuters survey found, after the group and its allies agreed to ease supply curbs further, but the growth was smaller than expected.</p>\n<p>The Organization of the Petroleum Exporting Countries was pumping 25.75 million barrels per day (bpd) in January, the survey found, up 160,000 bpd from December.</p>\n<p>Russian output increased in January but in line with the agreement on reducing production, while in Kazakhstan oil volume fell for the month. 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