Some of the largest oil producers have voluntarily agreed to cut back on oil production in an effort to dial back on stockpiles of stored crude.
OPEC senior officials, include the Russians, among others, on Friday expressed their satisfaction with the deal that was implemented in 2016 with a view to limit production.
The pact, which also involves non OPEC producers, have committed to cutting 2% of global oil production.
Global demand for oil is expected to rise, helping push oil prices higher [Xinhua]
For the first time in more than three years when oil prices first took a dive, Brent crude hit $71 a barrel on Thursday on news that inventories had fallen again in the US.
US benchmark West Texas Intermediate crude futures rose to $66.53.
Oil markets have been steadily rising since Saudi Arabian-led OPEC agreed to oil production cuts with non-cartel world producers such as Russia.
The Petrodollar is gaining strength. So is the Petroruble, to coin a phrase.
Yes, that was a pun.
The truth is that over the last twelve months, oil prices have been gradually and steadily on the increase. At the beginning of 2017, the price for a barrel of crude was about $56. It sunk gradually until June of last year, bottoming out in the mid $40’s, and has been on the rise again ever since.
Saudi Arabia’s Energy Minister Khalid Al-Falih told reporters in early December that OPEC will monitor oil output and production to ensure that the agreement to curb output is met by all until the end of 2018 [Xinhua]
If you haven’t heard by now, 2017 ends with oil prices well breaching the $60 a barrel mark leaving producers much more confident as they head into 2018.
This is a boon on two fronts for the world’s biggest oil producers Russia and Saudi Arabia.
Artificial announcements, search results and bitcoin cheese + this day in history w/Bill Clinton impeached and our song of the year by Trevor Something on your Morning Monarchy for December 19, 2017.
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Originally appeared on RussiaFeed
ERBIL (Sputnik) – “In more recent months the KRG signed contracts with several oil and energy companies in Russia and this is developing into a much more solid relationship with Russia and we are quite happy with this,” Safeen Dizayee said.
Dizayee said he was referring, in particular, to the contracts with Russia’s Gazprom and Rosneft energy companies.
Originally appeared at RussiaFeed.com
MOSCOW (Sputnik) – The Organization of the Petroleum Exporting Countries (OPEC) has revised upwards its expectations for Russia’s crude and condensate output this year by 0.04 million barrels daily (mb/d) to amount 11.11 mb/d, the organization said Thursday in its monthly report.
