OPEC agreed on the world oil production cuts
The oil-producing countries have reached an historic agreement to reduce crude oil production and support prices. The OPEC countries are willing to cut production of 1.2 million barrels a day, starting next January and be extended for six months. They can also count on the cooperation of Russia and other non-OPEC producers for a further reduction of 600 thousand barrels. The deal that reconciles the positions of Saudi Arabia, Iran and Iraq, however, penalizes Indonesia and leaves the organization he had joined only last year. Immediate reaction in prices: WTI has jumped 10% and Brent exceeded of $50.
The agreement – available in full version in the annex, it says “There is a firm and common ground that continuous collaborative efforts among producers, both within and outside OPEC would complement the market in restoring a global oil demand and supply balance, in particular the drawdown in the stocks overhang, which is currently at a very high level. At this conjuncture, it is foremost to reaffirm OPEC’s continued commitment to stable markets, mutual interests of producing nations, the efficient, economic and secure supply to consumers, and a fair return on invested capital.” opec-agreement
Iran will be capping its crude oil output at 3.8 million bpd in the second half of the year if fellow OPEC members stay committed to the cuts they had...Read More
In the second half of 2016, Shell (RDSal) did well in terms of profits than its rival Exxon (XOM.N), in spite of the Anglo-Dutch oil major’s annual profit reached the...Read More
OPEC AND NON OPEC COUNTRIES ON TRACK TO COMPLY WITH DEAL TO CUT OIL OUTPUT Back in December, OPEC clinched a historic deal with Russia and other non-members to slash global...Read More
On late Wednesday In Pennsylvania, the town of Potter unanimously approved a conditional use permit to allow a unit of Royal Dutch Shell PLC...Read More
Mr. R. Tillerson agreed to cut all ties with Exxon Mobile Corp, this move is to avoid conflict of interests as Mr. Tillerson is most likely to become the new...Read More
Oil climbed, approaching $50 a barrel in New York, after government data showed that U.S. crude stockpiles dropped last week. Stockpiles of distillate fuel, a category that includes diesel and...Read More
Become a partner
Interaction International Ltd-Dealoil shipping partners
Creating profitable and winning partnerships is what makes Dealoil so special — and the No.1 reason our clients choose us.
If you are interested in becoming a Dealoil partner please get in touch by emailing us at email@example.com. We look forward to hearing from you. The Dealoil team