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Oil prices jump after the agreement between OPEC and the other producers



Oil prices peaked in July last year amid Saturday's agreement between OPEC and non-cartel countries.



14.Apr.17 4:23 AM
By Christina Orlina
Photo Toinnov.com

   591

Oil prices jump after the agreement between OPEC and the other producers
Oil prices peaked in July last year amid Saturday's agreement between OPEC and non-cartel countries. On Monday quotes for North sea Brent topped $ 57 per barrel to $ 54 — the Texas crude oil. The price increase then slowed down slightly, but the raw material is trading more than 4% above the previous close.

Investment analyst of IG Chris Bitcham said: “With the approach of 2017 in the oil market can produce significant changes. But, the question is the implementation of the commitments”.

The agreement to reduce oil production, in order to reduce oversupply and maintain market, achieved for the first time since 2011. Eleven non-OPEC countries will reduce production by 558 thousand barrels per day, of which 300 thousand accounted for Russia.

Earlier, the countries-members of OPEC agreed to reduce production at 1.164 million barrels per day in the first half of next year.

Observers note that the treaty does not include the United States, and the growth of shale oil of American manufacturers is inevitable and may lower the world price of black gold.
Meanwhile, in November Saudi Arabia has increased production to a record of 10.72 million barrels a day.



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