Baku, Azerbaijan, Jan.5
By Leman Zeynalova – Trend:
World oil prices have started to fall on Jan.5, following doubts over the delivery of the production cuts by OPEC and non-OPEC countries.
The price of March futures for Brent crude oil dropped by 0.32 percent and stood at $56.28 per barrel as of 01:15 EST. This is while the price of February futures for West Texas Intermediate (WTI) oil has decreased by 0.21 percent to $53.15 per barrel.
During the Vienna meeting held Nov.30, OPEC members decided to implement a new OPEC-14 production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the oil output by 558,000 barrels per day during the meeting held Dec.10.
Eleven non-OPEC countries agreed to reduce the oil output: Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and Republic of South Sudan.
OPEC and non-OPEC countries pledged to implement the reached deal from Jan.1, 2017.
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