Baku, Azerbaijan, Jan.24
By Leman Zeynalova – Trend:
World oil prices are rising on Jan.24 against the background of statements made by OPEC countries about the reduced output.
The price of March futures for Brent crude oil rose by 0.63 percent and stood at $55.58 per barrel as of 02:00 EST. The price of March futures for West Texas Intermediate (WTI) oil has increased by 0.55 percent to $53.04 per barrel.
Oil prices were supported by the statement earlier made by Iraq's Oil Minister Jabar Ali al-Luaibi that his country will reach the targeted cut level (by 210,000 barrels per day) by late January. He added that to date, Iraq has reduced the output by 180,000 barrels per day.
Moreover, following the inaugural Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) meeting held in Vienna Jan.22, Russia’s Energy Minister Alexander Novak said that Russia’s oil output has been reduced by at least 1.5 million barrels per day in line with the Vienna agreement.
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