BusinessLogrBusinessLogr
  • Home
  • Stocks
  • Finance
  • Business
  • Company
  • Economy
  • Industry
  • Investing
  • Car News
  • Contact Us!
Reading: Oil prices rise as markets eye Opec, non-Opec production cuts
Share
Aa
BusinessLogrBusinessLogr
Aa
  • Home
  • Stocks
  • Finance
  • Business
  • Company
  • Economy
  • Industry
  • Investing
  • Car News
  • Contact Us!
Follow US
© 2023 BusinessLogr News Network.
BusinessLogr > Industry > Oil prices rise as markets eye Opec, non-Opec production cuts
Industry

Oil prices rise as markets eye Opec, non-Opec production cuts

sristy
Last updated: 2017/01/03 at 8:09 AM
sristy Published January 3, 2017
Share
3 Min Read
SHARE
1 January marked the official start of the deal agreed by the Opec and non-Opec member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day. Photo: Reuters

1 January marked the official start of the deal agreed by the Opec and non-Opec member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day. Photo: Reuters

Seoul: Oil prices rose in the first trading hours of 2017, buoyed by hopes that a deal between OPEC and non-OPEC members to cut production, which kicked in on Sunday, will be effective in draining a global supply glut.

International Brent crude oil prices were up 35 cents, or 0.6%, at $57.17 a barrel at 11.38am on Tuesday – close to last year’s high of $57.89 per barrel, hit on 12 December. Oil markets were closed on Monday after the New Year’s holiday.

US benchmark West Texas Intermediate (WTI) crude oil prices were up 31 cents, or 0.6%, at $54.03, not far from last year’s high of $54.51 reached on 12 December.

1 January marked the official start of the deal agreed by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC member countries such as Russia in November last year to reduce output by almost 1.8 million barrels per day. Market watchers said January will serve as an indicator for whether the agreement will stick.

“Markets will be looking for anecdotal evidence for production cuts,” said Ric Spooner, chief market analyst at Sydney’s CMC Markets. “The most likely scenario is OPEC and non-OPEC member countries will be committed to the deal, especially in early stages.”

Libya, one of two OPEC member countries exempt from cuts, increased its production to 685,000 barrels per day (bpd) as of Sunday, up from around 600,000 a day in December, according to an official from the National Oil Corporation (NOC). Elsewhere in OPEC, member country Oman told customers last week that it will cut its crude term allocation volumes by 5 percent in March.

Non-OPEC member Russia’s oil production in December remained unchanged at 11.21 million bpd, but it was preparing to cut output by 300,000 bpd in the first half of 2017 in its contribution to the production cut accord.

[“Source-Livemint”]

You Might Also Like

WHO says monkeypox has been spreading undetected as global cases rise to more than 550

FedEx Office Expands Same Day Delivery to 1,800 American Cities

What is Visme and How Do I Use It for Business?

Link Building Lessons from the Real Estate Industry

Shamita Shetty: None of my best friends are from the film industry

TAGGED: As, cuts, Eye, markets, non-Opec, Oil, Opec, Prices, production, Rise
sristy January 3, 2017
Share this Article
Facebook Twitter Email Print
Share
Previous Article Samsung to reveal Galaxy Note 7 probe results this month: report
Next Article HPCL to invest Rs1,200 crore in city gas distribution business

Most Viewed Posts

  • 20 Fitness Franchises: Planet Fitness and Beyond
  • Choosing the Right Legal Structure For Your Business
  • find a loan shark on craigslist
  • bmo harris express loan payment
  • bmo harris bank express loan pay

Most Viewed Posts

  • 20 Fitness Franchises: Planet Fitness and Beyond
  • Choosing the Right Legal Structure For Your Business
  • find a loan shark on craigslist
  • bmo harris express loan payment
  • bmo harris bank express loan pay

Recent Posts

  • Effortlessly Plan Your Loan Payments with TitleMax Loan Payment Calculator
  • Suncoast Loan Payment: Simplifying Your Repayment Process

© 2023 BusinessLogr News Network.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?