There is an agreement within OPEC to limit crude oil production, reducing it to 32,5 million barrels per day. This was stated during the joint press conference of cartel representatives by a representative of the United Arab Emirates, while the Saudi minister predicted that "after this agreement, the market will undergo a rebalancing".
Nigeria also declares itself satisfied with the agreement reached, on the basis of which each OPEC country will have to proportionally limit production to achieve the overall target set. The pact includes the possibility of adding another 600 barrels of cuts per day, including countries formally outside OPEC such as Russia. Half of this cut will be paid by Russia, which then agreed to cut output by 300 barrels a day, as OPEC president Mohammed Bin Saleh Al-Sada explained at the end of the meeting. Derogation for Iran.
Oil prices on the rise again after the announcement of the agreement to cut production by 1,2 million barrels per day to 32,5 million barrels. The January future on WTI leaps by 8,71% to 49,17 dollars a barrel, while the same delivery on Brent exceeds 50 dollars and rises by 7,85% to 50,02 dollars.
