This Friday seems to be heading towards a positive end to the stock market week for Europe and also for Wall Street thanks to the agreement reached in Vienna between the 14 OPEC countries on increasing production to 1 million barrels of oil per day. "We have an agreement to increase production from a nominal one million barrels a day", with these words Saudi Energy Minister Khalid al-Falih commented on the important result achieved.
The increase will be proportionate to the states' ability to cope with the program, but not all nations will be able to increase output in the same way (such as Venezuela grappling with the tearing crisis or Iran grappling with sanctions international markets.), therefore the real one will be equal to 600 barrels per day.
At the New York Mercantile Exchange (Nymex), the main world market where contracts on energy products, precious metals and industrial products are traded, oil shot up to over 67 dollars a barrel.
West Texas Intermediate (WTI) is up 2,76% at $67,35 a barrel, while Brent is up 2,29% at $74,42.
Opec spokesman Hasan Hafidh announced that the organization has decided to approve the entry of the Republic of Congo "with immediate effect".
