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Oil prices change slightly on eve on Jan.1 cut

Oil&Gas Materials 27 December 2016 13:38
World oil prices are changing slightly in light of wait-and-see mode in the market on the eve of Jan.1 cut by OPEC and non-OPEC countries.
Oil prices change slightly on eve on Jan.1 cut

Baku, Azerbaijan, Dec.27

By Leman Zeynalova – Trend:

World oil prices are changing slightly in light of wait-and-see mode in the market on the eve of Jan.1 cut by OPEC and non-OPEC countries.

The price of February futures for Brent crude oil increased by 0.11 percent and stood at $55.22 per barrel as of 04:23 EST, according to the trading data. This is while the price of February futures for West Texas Intermediate (WTI) oil rose by 0.38 percent to $53.22 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 have pledged to implement the reached deal from Jan.1, 2017.

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Follow the author on Twitter: @Lyaman_Zeyn

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