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OPEC agrees to extend production curbs into 2018

by ChemOrbis Editorial Team -
  • 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.
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