Baku, Azerbaijan, May 26
By Leman Zeynalova – Trend:
World oil prices are going down on May 26 amid the surprise decision made by OPEC on extension of the oil output cut deal.
The price for July futures of Brent crude oil has decreased by 0.66 percent to $51.12 per barrel as of 05:53 (GMT +4).
Meanwhile, the price for July futures of West Texas Intermediate (WTI) has dropped by 0.82 percent and stood at $48.50 per barrel.
OPEC held its 172nd meeting on May 25, followed by the 2nd OPEC and non-OPEC ministerial meeting in Vienna, Austria.
OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan have agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
OPEC Secretary General Mohammed Barkindo said that Libya, Iran and Nigeria got the same exemption in the extended deal to cut the oil production.
Follow the author on Twitter: @Lyaman_Zeyn