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[rtl]Revision date: 2018/6/23 0:01 • 559 times read[/rtl]
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{International: Al Furat News} Oil prices jumped on Friday after crude producers agreed a modest increase in production to compensate for supply losses at a time of increasing demand.
The Organization of the Petroleum Exporting Countries (OPEC) and other senior producers agreed at a meeting in Vienna on Friday to increase output from July to around 1 million bpd.
But the real increase would be about 770,000 bpd, Iraq said, because a few countries that had recently suffered from production declines would find it difficult to reach their full quotas, while other producers might not be able to bridge the gap.
The actual increase in output is encouraging because it is less than some of the highest figures discussed before the meeting.
Some market expectations have indicated an increase of 1.8 million barrels per day.
Brent crude futures closed at $ 2.73, or 3.7 percent, to settle at $ 75.75 a barrel at 10 GMT on Friday, supported by OPEC's announcement.
US WTI crude futures jumped $ 3.04, or 4.6 percent, to settle at $ 68.58 a barrel after a major drop in oil supplies to the storage center in Cushing, Oklahoma.
Brent ended the week up 2.7 percent, while US crude rose 5.5 percent
http://alforatnews.com/modules/news/article.php?storyid=167633
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A new jump in oil prices after the OPEC agreement
[/rtl][rtl]Revision date: 2018/6/23 0:01 • 559 times read[/rtl]
{International: Al Furat News} Oil prices jumped on Friday after crude producers agreed a modest increase in production to compensate for supply losses at a time of increasing demand.
The Organization of the Petroleum Exporting Countries (OPEC) and other senior producers agreed at a meeting in Vienna on Friday to increase output from July to around 1 million bpd.
But the real increase would be about 770,000 bpd, Iraq said, because a few countries that had recently suffered from production declines would find it difficult to reach their full quotas, while other producers might not be able to bridge the gap.
The actual increase in output is encouraging because it is less than some of the highest figures discussed before the meeting.
Some market expectations have indicated an increase of 1.8 million barrels per day.
Brent crude futures closed at $ 2.73, or 3.7 percent, to settle at $ 75.75 a barrel at 10 GMT on Friday, supported by OPEC's announcement.
US WTI crude futures jumped $ 3.04, or 4.6 percent, to settle at $ 68.58 a barrel after a major drop in oil supplies to the storage center in Cushing, Oklahoma.
Brent ended the week up 2.7 percent, while US crude rose 5.5 percent
http://alforatnews.com/modules/news/article.php?storyid=167633
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