Oil prices rose Friday, helped by rising Chinese crude demand and threats of a strike in Africa's largest oil exporter, but U.S. crude still posted its biggest weekly loss in two months, Reuters reported.
OPEC’s decision to extend its oil output cap with non-OPEC producers for a further nine months didn’t disappoint market expectations and Brent crude prices so far continue to trade around $60 a barrel.
OPEC members and “brother countries” Iraq and Saudi Arabia have signed 18 memoranda of understanding (MoUs) covering crude oil, natural gas, refining and other projects, the Iraqi oil ministry said in a statement on Wednesday.
OPEC oil output fell in November by 300,000 barrels per day (BPD) to its lowest since May, a Reuters survey found, pressured by a drop in Angolan and Iraqi exports, strong compliance with a supply cut deal and involuntary declines.
Oil climbed on Friday, approaching its highest level in more than two years one day after OPEC and other major producers agreed to continue holding down output until the end of 2018 to try to reduce the global oil glut and boost prices.
Oil ministers from 24 OPEC and non-OPEC countries agreed on Thursday to rollover the crude output deal first agreed a year ago to draw the global oversupply and help oil prices to recover throughout December 2018, Kallanish Energy reports.
OPEC and its 10 allies acknowledge the potential variabilities in the market such as the U.S. shale growth, but will be “very agile” to react and respond depending on how events unfold, President of the OPEC conference and Saudi Arabia’s oil minister Khalid Al-Falih said Thursday.
The oil output deal 24 OPEC and non-OPEC countries signed a year ago is likely to be extended into the end of 2018 this week, as the allies gather on Thursday in Vienna to discuss details of an exit strategy or extension plan, Kallanish Energy reports.