13:15 GMT +316 July 2019
Listen Live
    The OPEC flag and the OPEC logo are seen before a news conference in Vienna, Austria, October 24, 2016

    Oil Prices Growing by Over 9% Amid Results of OPEC Meeting

    © REUTERS / Leonhard Foeger
    Business
    Get short URL
    0 35

    Global oil prices are growing by more than 9 percent following the meeting of the Organization of the Petroleum Exporting Countries in Vienna, according to market statistics.

    MOSCOW (Sputnik) — Earlier in the day, the OPEC members states agreed to limit the production of oil to 32.5 million barrels per day for six months starting on January 1, 2017.

    February futures on Brent oil were at $51.63 per barrel at 18:12 GMT, growing up to 9.11 percent. January futures on the US West Texas Intermediate (WTI) crude increased by 8.78 percent up to $49.2 per barrel.

    At the same time just after the announcement of the cartel the prices had shown even higher growth rates, while Brent had grown by 9,55 percent and WTI by 9,06 percent.

    The deal is supposed to support the oil prices that have plunged from $115 per barrel in June 2014 to less than $30 per barrel in January 2016, causing hardship for oil producers.

    Related:

    OPEC Agrees to Cut Oil Output by 1.2 Million Barrels per Day - Bloomberg
    OPEC Counts on Non-Members to Agree to Cut Oil Output - Iranian Minister
    OPEC Plans to Put Pressure on Russia for Oil Output Cuts - Saudi Minister
    Tags:
    oil prices, OPEC
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik