Oil up strongly after the consultation, OPEC Onet.pl

Photo: SEAN MASTERSON / PAP

last night in Vienna was established the agreement. Not surprised by the fact that the largest cutting production tends Saudi Arabia, a country that is a leader in the presence of a mining cartel. The Arabs, who produce currently more than 10 million barrels of oil per day, needs to reduce production by half a million barrels a day. The biggest surprise of the meeting, however, was probably Iraq, who has previously strongly objected to the cutting of production, and ultimately agreed to reduce its production by 0.2 million barrels per day. As expected from cutting production was dismissed Iran is a country headed for the freezing of oil production at the level of the pre to impose international sanctions. In practice, this means that in the coming months, Iran could accurately their production to increase.

an Interesting result of yesterday’s OPEC meeting was the suspension of membership in the cartel of Indonesia, which was proposed to reduce production at 37 thousand. barrels per day. This country, which imports more oil than it exports, acknowledged that any cutting production would be unprofitable for him.

in addition, the production decline of 0.3 million barrels per day in the first half of 2017. agreed Russia, thus joining the agreement concluded by OPEC. The result of yesterday’s meeting was, of course, rapidly rising oil prices. Yesterday, the quotations of Brent oil to rise by 9%, and this morning grow by another 1.5%. Currently the price of this grade of oil exceeds $ 52 per barrel.