Skip to content




Markets

Asia Pacific

  • Africa

  • Egypt
  • Africa
  • (Algeria, Tunisia, Libya, Morocco, Nigeria, Kenya, Tanzania, South Africa)
Price Wizard

Unlock global prices across the value chain and turn complex data into clear insights.

Price Wizard

Create and save your own charts

Favorite Charts

Save and access popular charts

Product Snapshot

Analyze price changes by product

Market Snapshot

Analyze price changes by market

Netback Analysis

Monitor prices and netbacks

Price Tracker

Track polymer prices globally

Stats Wizard

Unravel global import and export data to learn trade volumes and patterns.

Stats Wizard

Create and save your own charts

Snapshot

Grasp trade patterns at a glance

Partners

Analyze partner data over time

Reporters

Analyze reporter data over time

Data Series

Compare quantity, value and price

Supply Wizard

Track global polymer supply and visualize via interactive charts and tables.

Global Capacities

Monitor existing and new plants

Production News

Track supply changes by plant

Snapshot

Grasp supply status at a glance

Offline Capacities

Learn capacity outages

New Capacities

Learn new capacity additions

Plant Closures

Learn permanent plant closures

Supply Balance

Analyze supply balance over time

Filter Options
Text :
Search Criteria :
Territory/Country :
Product Group/Product :
News Type :
My Favorites:

OPEC agrees to extend production curbs into 2018

by ChemOrbis Editorial Team - content@chemorbis.com
  • 01/12/2017 (12:21)
During the 173rd Meeting of the OPEC Conference on November 30, OPEC and non-OPEC members unanimously agreed to prolong oil production cuts until the end of the next year in attempt to reduce supply glut.

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.
Free Trial
Member Login