Oil Prices Up This Week As OPEC, Allies Agree To Cut Production

Oil Prices Up This Week As OPEC, Allies Agree To Cut Production

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Oil companies will increase the prices of diesel and gasoline this week.

In separate advisories, Chevron (Caltex), Petro Gazz, Phoenix Petroleum, PTT Philippines, and Shell will hike diesel prices by PHP0.15 per liter and PHP0.55 per liter for gasoline prices.

The oil price hike will take effect on Tuesday.

On the other hand, Chevron and Shell will rollback kerosene prices by PHP0.20 per liter.

Firms made the price increase announcement after the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to cut production by 10 percent.

Global oil price benchmarks West Texas intermediate crude and Brent crude both climbed 6.5 percent and 3.7 percent, respectively, following the announcement of OPEC+, or the group of the 13 members of OPEC and 10 non-OPEC members including Russia, to slash oil production by 9.7 million barrels per day for the months of May and June.

This is also the largest oil production cut in history. (PNA)

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