Crude prices rallied after Iraq’s oil minister said OPEC and other top producers could consider File photo of a crude oil pipeline. (Photo: AFP/DAVID MCNEW) Friday’s so-called OPEC+ meeting included Russia, the world’s second-largest oil producer and not a member of the cartel. It ended with a deal for a cut effective as of Jan 1 which sets an output target 1.7 million barrels per day lower than October 2018 levels, with Saudi Arabia and Russia making almost half the additional reductions between them. In a surprise move, the bloc also announced that several participating countries, “mainly Saudi Arabia”, would make additional voluntary cuts bringing the overall cut to more than 2.1 million barrels per day. World oil prices surged in response, with US benchmark WTI and its European counterpart Brent both rising two percent in an initial reaction before settling down at levels around 1.3 per cent higher on the day in the late European afternoon. On Thursday, a meeting of OPEC ministers had run late into the evening without a deal. Saudi Oil Minister Prince Abdelaziz Ben Salman, who was at his first meeting in the post, said first-day talks lasting six hours saw delegations “labouring … until… Read full this story
- OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June
- Exxon brings in Microsoft's cloud platform to fire up shale oil output in Texas
- OPEC stresses need for 2019 oil supply cuts as rivals pump more
- Saudi Arabia Increases Oil Output Following Pressure From Trump
- OPEC teases at production cut — but does it still have any clout?
- OPEC rescued oil from 'total collapse,' Barkindo says, but the US prevented 'major chaos'
- US Oil Output Hits 12 Million Barrel-A-Day Milestone Way Ahead Of Schedule
- US oil output dipped in December, but still beat earlier expectations
- US oil output slips in January, hits monthly record in December, new data show
- Trump calls on OPEC to hike output as US gas prices poised to rise
OPEC agrees oil output cuts after much 'brain squeezing' have 318 words, post on www.vir.com.vn at December 7, 2019. This is cached page on VietMaz. If you want remove this page, please contact us.