15 December, Friday


Oil prices rise after statement by OPEC secretary general

Economy

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Oil prices are rising on Apr.19 after the positive statements made by OPEC Secretary General Mohammad Barkino.

The price for June futures of Brent crude oil has increased by 0.05 percent to $54.92 per barrel as of 08:16 (GMT +4).

Meanwhile, the price for May futures of West Texas Intermediate (WTI) has grown by 0.02 percent and stood at $52.42 per barrel.

Speaking earlier on Apr.19 in the United Arab Emirates, OPEC Secretary-General Mohammad Barkindo said on that all oil producers taking part in a supply-cut pact are committed to bringing global inventories down to the industry's five year average and restoring stability to the market.

In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.

Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from Jan. 1, 2017 for six months, extendable for another six months.

OPEC agreed to slash the output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting as much as 486,000 barrels per day.

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