After cutting production .. high oil prices to 13% today

[ltr]After cutting production .. high oil prices to 13% today[/ltr]

 Since 11/01/2016 15:14 pm (Baghdad time)
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[ltr]Scales News - Follow-up[/ltr]
[ltr]Oil prices rose as much as 13 percent since OPEC announced in 27 of last September, cut production to support prices.[/ltr]
[ltr]But to achieve further gains will be limited probably at a time when the market is negatively affected by further signs of the arrival of OPEC production record level, in an indication that the oversupply, which curbed the prices were shrinking fast pace sought by bettors at higher prices.[/ltr]
[ltr]By at 08:46 GMT, Tuesday, crude futures for the American West Texas Intermediate rose 16 cents or 0.34% to $ 47.02 a barrel after having dropped nearly 4% to $ 46.86 a barrel in the previous session.[/ltr]
[ltr]And increased the global Brent crude blend "Brent" contract by 45 cents or 0.99% to $ 49.09 a barrel. Crude fell after "Brent" by about 3% on Monday.[/ltr]
[ltr]Thus, oil prices have risen by as much as 13 percent since OPEC announced in 27 of last September, cut production to support prices, which have fallen since mid-2014, the organization said that the final details of the cuts by Member States for the production of oil will be at a meeting at a later date This month.[/ltr]
[ltr]But the group has agreed on a document on Monday sets a long-term strategy, which means returning to the role for the management of the market and become more effective in predicting changes in the market.[/ltr]
[ltr]This comes at a time when "OPEC" data showed attain production in the first Chehrtcheran past, a record 33.82 million barrels per day, with the resumption of Nigeria and Libya partially disabled after production, while raising Iraq's foreign sales of oil.[/ltr]
[ltr]On the other hand, the Minister of Energy of Kazakhstan, Kanat Bozzombayev, said on Tuesday that his country does not intend to cut oil production, despite attending meetings between OPEC and the oil producing countries are not members of the organization to discuss restricting production.[/ltr]
[ltr]Bozzombayev told reporters that the "Kashagan" field, which is about the giant international oil companies to start commercial production from it will be the main engine of economic growth, adding that restricting production of "Kashagan" field will not be possible ".anthy 29[/ltr]




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