oil soars as nonopec producers agree on caps
Last Updated : GMT 05:21:58
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 05:21:58
Arab Today, arab today

Oil soars as non-OPEC producers agree on caps

Arab Today, arab today

Arab Today, arab today Oil soars as non-OPEC producers agree on caps

Russia and other non-OPEC producers have joined the cartel in capping oil output
Singapore - AFP

Oil soared on Monday following a landmark deal by Russia and other non-OPEC producers to join the cartel in capping output, in a bid to end a stubborn global glut that has hammered prices.

Russia and 10 other states on Saturday said they will reduce their production by more than half a million barrels per day (bpd), the Organization of the Petroleum Exporting Countries announced.

The move marks the first time non-OPEC members have reached an agreement since 2001, and follows a similar deal by OPEC last month.

OPEC members had agreed to collectively reduce output by 1.2 million bpd beginning in January. 

At about 0700 GMT, US benchmark West Texas Intermediate for January was up $2.50 at $54.00 while Brent crude for February rose $2.41 to $56.74.

"OPEC and non-OPEC's signing of the production cut agreement over the weekend was clearly the catalyst, overlooking Saudi Arabia’s record high production in November," said OANDA senior analyst Jeffrey Halley.

OPEC kingpin Saudi Arabia also announced at the weekend that it will slash production beyond what was previously agreed in Vienna by OPEC, providing an additional boost for prices. 

"The country is also preparing a partial flotation of its crown jewel in 2018, the state-owned oil company Saudi Aramco, and that certainly serves as an incentive for the oil giant," said IG market strategist Jingyi Pan. 

Pan noted prices have hit their highest since February 2015 and any concerns about compliance have been put on a back burner.

Despite the spike, oil prices remain at about half their mid-2014 levels.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil soars as nonopec producers agree on caps oil soars as nonopec producers agree on caps

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil soars as nonopec producers agree on caps oil soars as nonopec producers agree on caps

 



Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation

GMT 12:26 2017 Friday ,03 February

Woman in Portugal swept away by sea wave

GMT 10:29 2016 Monday ,29 August

Singapore wages war on Zika-bearing mosquitoes

GMT 10:37 2017 Wednesday ,11 January

Offers services to Trump

GMT 01:36 2017 Wednesday ,06 September

Saudi minister slams Hezbollah as ‘party of Satan’

GMT 23:52 2017 Tuesday ,17 October

3 mosques shut down in France on radicalism grounds

GMT 07:57 2016 Saturday ,19 November

Garcia, Molinari top in Dubai golf

GMT 09:42 2017 Wednesday ,18 October

Ahmed Mekki aspires to present a new song

GMT 10:35 2016 Saturday ,15 October

Agreement in Kigali on phaseout of HFC gases
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday