oil Prices rise on stock exchanges at gas stations and more expensive fuel. All due to the fact that for the first time in 15 years, oil producers are not included in the Organization of Countries-Exporters of Oil (OPEC) agreed. On Saturday night confirmed a decision on production cuts from January 1, nearly 560 thousand UAH. barrels per day, the Minister said Qatar’s energy and industry Muhammad Ibn Saalih al-Garden. That’s bad news for drivers.
the Agreement of the giants of the oil market is expected to lead to increase in prices of raw materials. The total production of the countries that are not members will be limited to 558 thousand. barrels per day – slightly less than 600 thousand UAH. which acquired the Kartel.
- a reflection of the economic growth will come approximately in the II quarter of 2017, – evaluated the performance. “
For information about the agreement immediately responded to the commodity markets. Oil gaining in price. The WTI Crude Oil has already received 1.3 percent. a barrel in contracts for January crude oil worth 51.5 us dollars. Podrożała also a barrel of Brend Crude oil (ICE), for which Sunday before CH 11 had to pay 54,33 dollars, or 0.82 percent. more.
Agreement of OPEC
representatives of the OPEC and other producers, who for about a year negotiated, agreed very quickly, during Saturday’s meeting in Vienna. This is the first such talks producers that are not members of the cartel in 2001. Happened after two years of financial losses, what would they carry in the result of persistently low oil prices are responsible for the crisis, the oversupply of raw materials.
the meeting was attended by 25 countries, among which one gets the production up to 60%. world oil production – quoted by EFE.
Russian energy Minister Alexander Novak said that Russia will reduce the extraction of raw materials 300 thousand. barrels. He added that the agreement on production cuts is open to him to join other countries that produce oil.
he also Explained that the agreement to limit production was signed by eleven of the 12 countries not included in OPEC and participating in the meeting in Vienna. He stressed that this is the first extensive agreement who are not members of manufacturers.
Helped Moscow
the Saudi Arabian Minister of Chalid ibn Abd al-Aziz al-Falih explained that the discussion of countries, where drug traffickers in Moscow. He also expressed the hope that on Saturday the agreement will lead to stability in the oil markets, and is the beginning of a long-term cooperation of oil producers.
Fuel price and much indicates that will stay on expensive. But the growth of the c… read more “
Minister of Iraq on oil Dżabar al-Luaibi announced that the Committee, whose task will be to control the scale of oil production, Russia and Oman. He added that Baghdad is preparing to inform their customers about production cuts.
Mexico will decrease by six months of extraction in 100 thousand. barrels per day, said Mexican energy Minister Pedro Joaquin Coldwell.
His colleague from Kazakhstan Kanat Bozumbajew declared a decrease in production of 20 thousand. barrels per day.
Not all cutting
it was Agreed that the two countries – Libya and Nigeria – will not cut production of oil, given the unstable internal situation, which already affects the production decline.
OPEC confirmed on Saturday that support the Declaration announced on 30 November at the summit in Vienna, under which the cartel will cut production of oil in January reduced it by about 1.2 million barrels of oil per day, i.e. more than 3 per cent., to 32.5 million barrels per day. This is the first such decline in production ceiling since 2008.
the Decline in oil production in the suggestion to slow down the pace of the price trend. And actually its quotes increased significantly after listopadowej dollars; however, some, according to analysts, is that rapidly rising prices will be stable.
price Increase on fuel is not the only concern of drivers. Car owners more pay, too, for the insurance policy. Watch video:
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