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
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