Capstone Forex Trading Online: Crude oil companies steadily


2019-12-06 09:56      from:CAPSTONE    author:Jack

Capstone Forex Trading OnlineInternational oil prices rose steadily on Thursday (December 5) as non-OPEC oil producers such as the Organization of the Petroleum Exporting Countries (OPEC) and Russia expected to reach the largest reduction agreement in ten years, which will effectively support oil prices. US WTI crude oil futures reached a maximum of 59.11 US dollars / barrel during the session, while Brent crude oil futures reached a maximum of 63.91 US dollars / barrel during the session.

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The OEPC held a meeting yesterday to discuss the production reduction agreement. Today, OPEC will hold talks with Russia and other countries to further discuss the production reduction agreement and other issues.
Said that Saudi Arabia and Russia, key oil-producing countries of OPEC +, have already proposed to expand production reductions. On the basis of the existing 1.2 million barrels per day, an additional 500,000 barrels per day will be reduced, that is, 1.7 million barrels per day. Supply of 1.7%.
At the same time, the existing production reduction agreement will expire at the end of March next year. Representatives of member states said that the new production reduction agreement is expected to be extended to the end of June or the end of 2020.
Russian Energy Minister Novak said in a speech that the meeting decided to fully implement the production reduction agreement until April 1 next year. However, it is proposed to reduce production by an additional 500,000 barrels per day in the first quarter. The Joint Ministerial Supervisory Committee (JMMC) meeting did not discuss the allocation of production reduction quotas and will meet again in March 2020 to assess the situation.

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