Angola OliMin: OPEC+, other producer cuts insufficient to balance oil market

The oil output cut of the OPEC+ and other oil producers will not be sufficient to balance the oil market, Angola's oil minister Azevedo said on Friday.

"Oil producers may be called upon to take more drastic measures," the minister added, as reported by Reuters.

Market reaction

Crude oil prices edged higher after these comments. As of writing, the barrel of West Texas Intermediate was trading at $17.70, up 3.6% on a daily basis. Moreover, the barrel of Brent was rising 1.4% on the day at $21.90.

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