The oil continues to rise about 9% on the results of the OPEC meeting – RIA Novosti

21:2030.11.2016

(updated: 21:39 30.11.2016)

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MOSCOW, 30 Nov — RIA Novosti/Prime. World oil prices in the course of trading environment continue to grow at a CAGR of 9% following the meeting of OPEC in Vienna, where agreement was reached on the reduction of extraction of raw material, according to the auction.

as of 21.12 MSK price of February futures for North sea petroleum mix of mark Brent has increased by 9.11% to 51.63 USD per barrel. The price of January futures for WTI rose by 8.78%, to 49,20 USD per barrel.

OPEC reached an agreement to reduce oil production from January to 1.2 million barrels per day — up to 32.5 million barrels per day. The agreement calls for production cuts by countries outside the cartel, 600 thousand barrels per day, and Russia agreed to reduce by 300 thousand. OPEC and countries outside the organization can hold a meeting on December 9 in Doha.

After the announcement of the outcome of the OPEC meeting the oil price began to rise sharply — by 9.55% mark Brent (up to 51.84 dollar) and 9.06% of the WTI (to 49.33 dollars). Later, however, the price of “black gold” slightly slowed growth.

“OPEC went much further than expected. If the agreement is implemented, the transaction will cause a drop in oil reserves at the beginning of next year. Respect of the transaction will now be key” — commented the newspaper The Wall Street Journal, UBS analyst Taunovo Giovanni (Giovanni Staunovo).

a Positive influence on the auctions in the oil market has also provided data on stocks of raw materials in the United States. Commercial oil stocks in the country (excluding strategic reserves) for the week ended November 25, dropped unexpectedly by 0.9 million barrels, or 0.2 cent to 488,1 million barrels. Analysts, however, believed that the reserves increased by 0,636 million barrels, or on 0,13% — to 489,636 million barrels. Oil production in the U.S. this week increased by 0.1%, or 9 thousand barrels per day, up to 8,699 million barrels per day.

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