OPEC agrees to extend production curbs into 2018
The cartel’s decision came in line with the market’s expectations, despite Russia’s initial objections to supply cuts.
Following the news, crude oil continued its bullish pace as January WTI (NYMEX) crude rose 10 cents to settle at $57.40/bbl and January Brent crude increased 46 cents to $63.57/bbl on Thursday. On Friday’s intraday trading, the same levels were preserved at the time of press.
Meanwhile, OPEC members are reportedly concerned that the growing US shale production might undermine their attempts to bring balance to the oil market. The shale production in the USA surged to nearly 9.7 million barrels on November 24 as the producers ramped up their production on the back of rising oil prices.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- PET sellers hunt for signs of market bottom in Europe
- India’s import PP, PE markets rebound in Jan after several months of declines
- Tight supplies keep Asian PVC markets bullish
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
- Weak activities press import PE, PP suppliers for discounts in Egypt
- Price erosion continues inside Middle Eastern polyolefins markets
- European PP, PE markets open 2023 with renewed drops