Monday, December 12, 2016

Oil price: Historical agreement is driving Brent and WTI – Handelsblatt

Oil production in Azerbaijan

Opec and Non-Opec countries want to cut production starting in January.

(photo: Reuters)

London/New Yorkincreased Oil prices on Monday after the announced funding cuts by the oil cartel Opec and other producing countries to the highest level since the summer of 2015. A Barrel (159 litres) of North sea Brent crude oil for delivery in February rose in early trading to 6.55 percent to 57,89 dollars.

The price for a barrel of the US variety of West Texas Intermediate (WTI) for delivery in January, rose in price last by almost five percent to 53,92 dollars. At the weekend, the organization of the petroleum exporting countries (Opec) and other producing countries in a historic collaboration announced jointly in production cuts to drive prices for crude oil upward.

OPEC: global Oil Alliance severs the promotion of

The mighty Oil cartel creates the shoulder-to-shoulder with eleven members. An important success, after a period of paralysis. Especially the Alliance with Moscow is of great importance. more…

The Opec, and about a dozen Non-Opec countries agreed on Saturday in Vienna to cut Oil production to 558 000 barrels a day. Russia wants to be alone produce 300 000 barrels less. However, the throttling will begin gradually, and only in April or may, the full scope of reach, said Russian Minister of energy Alexander Novak, the Agency Tass.

the aim of the Opec-production: 32.5 million Barrel/day

The measure is supported by the recent Opec decision to own reduction of their production by 1.2 million barrels a day in the first half of 2017. The Opec production to be in the case of 32.5 million barrels. Overall, have decided to now more than 20 countries, to promote less Oil.


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