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Oil prices fall with the continued glut in the market despite production cuts
Date: 13/02/2017 11:27
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Information / Baghdad ..
Oil prices came down on Monday due to signs of continued glut in global fuel markets despite led OPEC, which proved more successful production cuts than was initially expected.
It was trading Brent crude at $ 56.62 a barrel by 0707 GMT, down eight cents from the previous close.
The inn crude West Texas Intermediate US 13 cents to $ 53.73 a barrel.
OPEC agreed and independent producers including Russia to cut production by about 1.8 million barrels per day in the first half of the year in an effort to curb oversupply of fuel in the global market.
There were doubts about the fulfillment of producers cuts they have pledged but estimates at the moment suggest that the commitment to the reductions ratio of about 90 percent.
He said Kuwaiti Oil Minister Essam Marzouk today that the commitment of the members of OPEC agreement to cut production rate of 92 percent, while the proportion of the commitment of producers outside OPEC 50 percent.
ANZ Bank said today, "Traders were awaiting the release of OPEC's monthly report today. If the cuts came in line with estimates should oil prices go up. " Finished / 25 p.
http://almaalomah.info/2017/02/13/economic/130299
Date: 13/02/2017 11:27
drop
Information / Baghdad ..
Oil prices came down on Monday due to signs of continued glut in global fuel markets despite led OPEC, which proved more successful production cuts than was initially expected.
It was trading Brent crude at $ 56.62 a barrel by 0707 GMT, down eight cents from the previous close.
The inn crude West Texas Intermediate US 13 cents to $ 53.73 a barrel.
OPEC agreed and independent producers including Russia to cut production by about 1.8 million barrels per day in the first half of the year in an effort to curb oversupply of fuel in the global market.
There were doubts about the fulfillment of producers cuts they have pledged but estimates at the moment suggest that the commitment to the reductions ratio of about 90 percent.
He said Kuwaiti Oil Minister Essam Marzouk today that the commitment of the members of OPEC agreement to cut production rate of 92 percent, while the proportion of the commitment of producers outside OPEC 50 percent.
ANZ Bank said today, "Traders were awaiting the release of OPEC's monthly report today. If the cuts came in line with estimates should oil prices go up. " Finished / 25 p.
http://almaalomah.info/2017/02/13/economic/130299
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