Baku, Azerbaijan, Jan.18
By Leman Zeynalova – Trend:
World oil prices are rising stably on Jan.18 after the optimistic remarks made by the head of Saudi Aramco company in Davos.
The price of March futures for Brent crude oil increased by 0.45 percent and reached $55.72 per barrel as of 02:33 EST, Jan.18. Meanwhile, the price of February futures for West Texas Intermediate (WTI) oil rose by 0.44 percent and stood at $52.71 per barrel.
Earlier, during the World Economic Forum in Davos, chief executive officer of the Saudi Arabian Oil Company (Saudi Aramco) Amin Nasser said that OPEC’s oil output deal should hopefully see the market balance by the end of the first half of 2017.
These remarks significantly pushed the oil prices up after the decline on doubts about the effectiveness of the output freeze.
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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