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Oil prices down despite OPEC-led cuts

Oil&Gas Materials 13 February 2017 11:58 (UTC +04:00)
World oil prices are dropping on Feb.13 despite the output cuts by OPEC and non-OPEC countries.
Oil prices down despite OPEC-led cuts

Baku, Azerbaijan, Feb.13

By Leman Zeynalova – Trend:

World oil prices are dropping on Feb.13 despite the output cuts by OPEC and non-OPEC countries.

The price of April futures for Brent crude oil has decreased by 0.16 percent and stood at $56.61 per barrel as of 02:08 EST. Meanwhile, the price of March futures for West Texas Intermediate (WTI) oil has dropped by 0.24 percent to $53.73 per barrel.

Despite the skepticism about OPEC and non-OPEC countries’ reaching the targeted cuts, the International Energy Agency (IEA) said in its latest report that the compliance level is 90 percent.

However, the factors dragging the oil prices down include the growing number of drilling rigs in the US and increasing volume of oil export by Russia.

Baker Hughes company has announced that over the week ending Feb.10, the number of oil rigs in the US rose by eight to 591, the highest number since October 2015.

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Follow the author on Twitter: @Lyaman_Zeyn

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