Russia/OPEC supply cut to boost oil prices

Non-OPEC countries led by Russia supported the OPEC decision to implement a new production target of 32.5 b/d.

2017-07-04 views 1084

They will cut output by 558,000 barrels per day (b/d) in the first half of 2017, with Russia set to cut 300,000 b/d. OPEC's Secretary-General, Muhammad Sanusi Barkindo, has described the agreement as a testament that the group "is alive and well."

"This agreement marks the first time non-OPEC countries have joined OPEC in a concerted effort to help bring stability back to the market," added Mr. Barkindo.

Bloomberg has polled 24 analysts to find that they expect the average price per 1 bbl of Brent to equal $58 next year – an anticipated rise by 29% from the current price.

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