Baku, Azerbaijan, Dec.28
By Leman Zeynalova – Trend:
World oil prices are decreasing Dec.28 despite the announcement made by Venezuela to cut its output from 2017, according to the trading data.
The price of February futures for Brent crude oil dropped by 0.14 percent and stood at $56.01 per barrel as of 01:27 EST. This is while the price of February futures for West Texas Intermediate (WTI) oil decreased by 0.09 percent to $53.85 per barrel.
Venezuela said Dec.27 that it will reduce the oil production by 95,000 barrels per day in 2017 as part of implementation of the agreement reached between OPEC and non-OPEC countries to cut the output.
Currently, the country produces around 2.4 million barrels of oil and condensate per day.
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