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 newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- COVID-19 resurgence weighs on polymer sentiment in Vietnam
- Stats: Turkey’s H1 polymer imports defy pandemic, hit all-time high
- Stats: China’s total PP, PE imports set a new record in H1 2020
- Lackluster demand outweighs tightness in Asian ABS markets
- Will costs drum up support for a 3rd-month-firming in Europe PET market?
- Import PE markets give softening signals in China, SE Asia
- PVC supplies tight, demand robust across Europe
- China’s local PP, PE markets snap nine-week rally
- Turnarounds keep PP supply tight in SE Asia
- European PP market sees step backs from initial July offers