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Oil prices up amid possibility of adding Libya, Nigeria to OPEC+

Oil&Gas Materials 10 July 2017 10:49
World oil prices are rising on July 10 amid the report about invitation of Libya and Nigeria to the meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) to be held in St. Petersburg on July 24.
Oil prices up amid possibility of adding Libya, Nigeria to OPEC+

Baku, Azerbaijan, July 10

By Leman Zeynalova – Trend:

World oil prices are rising on July 10 amid the report about invitation of Libya and Nigeria to the meeting of the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) to be held in St. Petersburg on July 24.

The price for August futures of Brent crude oil has increased by 0.49 percent to $46.94 per barrel as of 06:33 (UTC +4).

This is while the price for August futures of West Texas Intermediate (WTI) has grown by 0.41 percent and stood at $44.41 per barrel.

On May 25, 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 agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.

The reductions will be on the same terms as those agreed in November.

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Follow the author on Twitter: @Lyaman_Zeyn

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