The spice of oil prices after OPEC countries will decide on the cutting of production

Oil prices rose slightly below Friday, as did major oil producers, including OPEC charter, cut a global oil cut with 1.2 million barrels per day to stop transfere it.

After two days of meetings, the Petroleum Reformation Agency that included Saudi Arabia and Iraq said that they would cut 800,000 barrels per day for six months from January, although some countries like Iran, who's a addressing general sanctions from the United States, on freedom.

The balance from Russia and from other countries will not be OPEC jobs. The United States, one of the world's largest producers, is not part of the contract.

The United Arab Emirates Minister, UAE, Suhail Mohamed Al Mazrouei will smile at a press conference following an OPEC meeting and non-OPEC countries, at the agency's headquarters in Vienna. (Ronald Zak / Associated Press)

"This is a big step forward," said Suhail Energy Minister Mohamed al-Mazrouei, "said the United Arab Emirates, who chairs the regular meetings in Vienna as President of Co- OPEC conference.

Oil publications have been under pressure to reduce the product after a sharp drop in oil prices over the past few months. The oil price has fallen by around 25 per cent recently because major producers – including the US – are pumping oil at high levels.

The reduction was sure to meet the response that ministers hoped. Shortly after the announcement:

  • Brent, internationally, was $ 3.11 US barrel, or 5.2 per cent, at $ 63.17.
  • Poor York New York $ 2.23, 4.3 per cent, higher at $ 53.72 barrel. And
  • A Western Canada election has risen by 12 per cent, up $ 4.50 barrel to $ 37.50.
  • And West Texas Intermediate jumped between $ 2.25 and $ 53.75 barrel.

Ann-Louise Hittle, former president of Wood Mackenzie's oil industry expert, said the product was "confirming" its oil market before the third quarter next year and a & # 39; Help build Brent prices over $ 70 per barrel.

& # 39; Self-interest at & # 39; end & # 39;

"For most countries, there is self-interest at the end," she said. "Saudi Arabia has long-term goals of oil market management so that the pointless and spoony eases that lack the demand and capacity of their business can provide In addition, Saudi Arabia also needs higher oil income to prevent home funding to cost. "

The Russian Power Minister, Alexander Novak, said that negotiations with OPEC countries were "fairly challenging" but said the decision should "help with their market to reach a fair state".

"I think this is a strong indication to anyone who is convinced that our partnership is not going forward and that we can deal with any challenge that & # 39; a market shot on us, "he said in Russian through an interpreter.

OPEC is trusted on non-Russian people who show that there is a & # 39; Salmon on oil markets, which had been bigger for decades.

Increase in US oil work

The OPEC-Russia relationship was made necessary in 2016 to compete by making more oil oil over the past few years. With some estimates, the US today is the world's leading poorer producer.

The cut does not appear to be warmly left with President US. Donald Trump, who's been in & # 39; emphasize its cartoons publicly to keep the product up. On Wednesday, he made a tweet: "I hope OPEC will hold oil streams as it is not restricted. The world does not want to see or need higher oil prices!"

The Minister of Iran Petroleum Bijan Namdar Zangeneh will come before the OPEC meeting begins at its headquarters in Vienna, Austria, Thursday. (Ronald Zak / Associated Press)

One challenge was the agreement of a regional competitor at Iran, Saudi Arabia and another member of OPEC, who had been in a position. fight for any cut because the poor exports already have already been planned with US sanctions.

Al-Mazrouei said Iran had been freed up, as well as Venezuela and Libya.

That "means that the percentage we make in ours will be a bit higher," he said.

"OPEC is committed to distributing the 800 (thousand bpd) among us and delivering it."

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