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Oil markets rebound after OPEC deal
02/12/2017 12:00 AM [rtl]Capitals / follow-up morning Oil futures rose on Friday after OPEC and top producers agreed to extend production cuts in a move that was widely expected and aimed at clearing the ongoing supply crunch. The Organization of the Petroleum Exporting Countries (OPEC) and some independent producers led by Russia agreed on Thursday evening to keep production cuts until the end of 2018, while they suggested the possibility of breaking out of the agreement early if the market has seen frantic price rises. US crude futures rose 17 cents, or 0.3 percent, to $ 57.57 a barrel by 0635 GMT. Brent crude for February delivery rose 24 cents to $ 62.87 a barrel. "The new agreement on reducing oil production will be implemented from January through December 2008. Oil producers are due to review the new agreement on reducing crude output at the next meeting of the Organization in June 2018," the organization said. The agreement to cut output to 1.8 million barrels a day came into force in January, with the end of its effectiveness in March next year after being extended mid-year for nine months. Libya and Nigeria, two Opec members excluded from OPEC's decision, also agreed not to increase their oil production from 2017 levels.[/rtl] [rtl]http://www.alsabaah.iq/ArticleShow.aspx?ID=148395[/rtl] |
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