CHINAUS AFRICAASIA 中文双语Français
World\Americas

Oil prices surge on OPEC agreement

Xinhua | Updated: 2016-12-01 05:14

NEW YORK -- Oil prices surged on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) clinched a deal to cut production.

The OPEC oil cartel defied expectations Wednesday and finalized its joint output cut deal since 2008 after difficult talks in Vienna, Austria.

Effective from Jan. 1 next year, OPEC will lower its output by 1.2 million barrels per day, or about 4.5 percent of current production, to 3.5 million barrels per day, just as what their preliminary agreement said in September.

The reduction is also being coordinated with non-OPEC country Russia, which has voiced readiness to reduce its output by 300,000 barrels per day.

Russian Energy Minister Alexander Novak welcomed the OPEC's oil output freeze agreement, saying that Moscow was ready to join the deal to stabilize global oil market.

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 a barrel on the London ICE Futures Exchange.

BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US