Oil prices surge on deal between OPEC and non-OPEC members
The reports revealed that following OPEC’s agreement on November 30, to cut oil output by 1.2 million barrels/day as of January 1, non-OPEC members also agreed to cut oil production by 558,000 barrels/day in Saturday’s meeting. Accordingly, Russia signed the deal to cut production by 300,000 barrels/day while Oman accepted to curb production by 45,000 barrels/day. Kazakhstan will reportedly try to decrease production by 20,000 barrels/day as of 2017.
Also, many non-OPEC members including Azerbaijan, Bahrain, Bolivia, Brunei, Equatorial Guinea, Malaysia, Mexico, Sudan and South Sudan expressed their commitments to cut oil output in line with the terms of the agreement.
Following the deal between OPEC and non-OPEC members on Saturday, Brent crude reportedly climbed to $57.89 per barrel while WTI crude reached $54.51 on Sunday evening, both the highest levels since June 2015.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Upsurge continues to wreak havoc on Turkey’s PP, PE markets
- PVC rally roars back in Asia as supply worries mount
- China PP, PE markets join global rally after Lunar New Year holiday
- PE, PP and PVC supply crunch exacerbated on US absence, traditional trade flows upended
- European PP, PE markets set for 5th bullish month as shortage bites
- Turkey shattered as PP prices shoot up to surreal levels
- Polymer markets face one of most chaotic times
- Turnaround season set to get underway in Asia
- Crude oil heals COVID-inflicted wounds; now what lies ahead?
- Global shipping turmoil deepens, adding to the upheaval in plastic resins