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Oil prices fall as OPEC's accession to Russia to increase production ahead of a planned cut
Tuesday 06-12-2016 | 12:20:00
To extract the oil - c c / p p mechanisms
Twilight News / Oil prices fell on Tuesday, with production rising in all major areas of export crude almost despite OPEC and Russia plans to cut production, sparking fears that a glut of fuel that has dogged the market for two years may continue through 2017.
By 0807 GMT, futures have been trading for crude International benchmark Brent crude at $ 54.75 a barrel, down 19 cents, or about 0.3 percent from the close on Monday.
It fell WTI US mediator to $ 51.47 a barrel, down 32 cents, or about 0.6 percent.
And record oil production of OPEC a record new high in November, rising to 34.19 million bpd from 33.82 million bpd in October, according to a survey based on shipping data and information from sources sector.
Russia announced on Friday that the average daily oil production totaled 11.21 million barrels a day in November to its highest level in nearly 30 years.
This means that Russia and OPEC production alone caters to almost half of the global demand for oil, which currently stands at more than 95 million barrels per day size.
The news comes just days from OPEC and Russia reached a historic agreement to cut production in 2017 - which was an increase of more than ten percent in the Price-after in an effort to eliminate the oversupply plaguing markets since more than two years.
In another sign that the battle for market shares is not over, especially in Asia, the largest consuming region of the ore in the world it reduced the Saudi Aramco oil giant sale Arabian crude price of light to Asian customers in January shipments by $ 1.20 per barrel for December.
But analysts rule out that oil prices will fall to levels seen before the announcement of the OPEC agreement to cut production last week.
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Tuesday 06-12-2016 | 12:20:00
To extract the oil - c c / p p mechanisms
Twilight News / Oil prices fell on Tuesday, with production rising in all major areas of export crude almost despite OPEC and Russia plans to cut production, sparking fears that a glut of fuel that has dogged the market for two years may continue through 2017.
By 0807 GMT, futures have been trading for crude International benchmark Brent crude at $ 54.75 a barrel, down 19 cents, or about 0.3 percent from the close on Monday.
It fell WTI US mediator to $ 51.47 a barrel, down 32 cents, or about 0.6 percent.
And record oil production of OPEC a record new high in November, rising to 34.19 million bpd from 33.82 million bpd in October, according to a survey based on shipping data and information from sources sector.
Russia announced on Friday that the average daily oil production totaled 11.21 million barrels a day in November to its highest level in nearly 30 years.
This means that Russia and OPEC production alone caters to almost half of the global demand for oil, which currently stands at more than 95 million barrels per day size.
The news comes just days from OPEC and Russia reached a historic agreement to cut production in 2017 - which was an increase of more than ten percent in the Price-after in an effort to eliminate the oversupply plaguing markets since more than two years.
In another sign that the battle for market shares is not over, especially in Asia, the largest consuming region of the ore in the world it reduced the Saudi Aramco oil giant sale Arabian crude price of light to Asian customers in January shipments by $ 1.20 per barrel for December.
But analysts rule out that oil prices will fall to levels seen before the announcement of the OPEC agreement to cut production last week.
BACK TO
http://www.ara.shafaaq.com/110839
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