Stock market quotes, forex, financial news, forex tools – money-investing.com

OPEC+ cuts oil production by 1.2 million barrels

 Breaking News
  • The intensification of the conflict between the USA and China leads to reduction of oil prices The energy market has started the trading session rather unsuccessfully. The next round of the trade war between the States and China caused the price fall. Because of this investors...
  • Germany saves Lufthansa An air carrier Deutsche Lufthansa AG has suffered losses because of the spread of the coronavirus pandemic. It became known that the German government had not left the matter unattended...
  • Israel economy sets anti-records Israel is a recognized high-tech paradise, a stable and strong platform for business development. However, the economy of the country in the Middle East has failed to resist the consequences...
  • A car rental service Hertz went bankrupt Hertz, the largest US car rental company, has filed for bankruptcy. The company was founded already in 1918. For a hundred years, Hertz has coped with the Great Depression, the...
  • Monday starts with the growth of oil prices The energy market started today’s trading session with the steady growth. Quotes are increasing on the signals about the recovery in demand and a decrease in production in the States....
OPEC+ cuts oil production by 1.2 million barrels
December 07
09:00 2018

OPEC members and other states have agreed to cut oil production. The volume specified in the contract is 1.2 million barrels per day. Because of this, Brent crude has risen to $ 63 per barrel of “black gold”.

The bulk of the volume falls on OPEC – 800 thousand barrels, the remaining 400 thousand are distributed among the countries, which don’t participate in the cartel. It turns out that the production of each participant will be reduced by 3%.

October 2019 serves as a guide. The agreement will last for six months. Renegotiation may take place in April.

Iraqi Oil Minister Tamer al-Gabdan remarked that the treaty did not allow any exceptions, but some partners had “their own ideas”.

Iran is already out of the deal. Russia and OPEC offered it a symbolic agreement, maintaining the volume of production of black gold. It was necessary to save the OPEC+ deal. Iran gave up on that.

Iranian diplomats believe that their country should be freed from its obligations to reduce the production, since US sanctions have been imposed on it.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment