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OPEC reduces crude production, prices surge
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IANS | 01 Dec, 2016
The Organization of the
Petroleum Exporting Countries (OPEC) agreed on Wednesday to reduce their
production of crude oil to 32.5 million barrels per day, which lead to a
surge in oil pricing, media reports said.
The reduction is
effective from January 1, 2017, and is the cartel's first oil reduction
since 2008. The reduction is being coordinated with the non-OPEC country
Russia, who promised to cut its production by 300,000 barrels per day,
Xinhua news agency reported.
Saudi Arabian energy minister Khalid al-Fali announced the deal at the end of a ministerial conference in Vienna.
He said he was very happy as this was the sort of deal they were looking for, which would bring stability to the market.
According to him, all OPEC countries would participate except three: Indonesia, Liberia and Nigeria.
Qatar's
energy minister Mohammed Al-Sada, president of OPEC, said the agreement
was reached unanimously except for Indonesia, who has now suspended its
membership of the cartel.
According to data offered by OPEC, the
largest oil producer, Saudi Arabia took the biggest part of the
reduction, 486,000 barrels per day.
OPEC crude output rose to a
record 33.83 million bpd in October, according to the International
Energy Agency (IEA), output from the group's 14 members has climbed for
five months running.
The market was boosted by the release of OPEC deal details.
The
West Texas Intermediate for January Delivery increased $4.21 to settle
at $49.44 a barrel on the New York Mercantile Exchange, while Brent
crude for January delivery added $4.09 to close at $50.47 dollars a
barrel on the London ICE Futures Exchange.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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