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Oil Prices Climb Back OPEC’S Commitment To The Response

Jakarta (Benchmark News) – World oil prices rose on Thursday (8/12/2016), as the market became convinced the Organization of petroleum exporting countries (OPEC) and non-OPEC producers to maintain their production decline appointment.

The benchmark US light sweet crude West Texas Intermediate ataun (WTI) for delivery in January, rising US dollar 1.07 became settled in 50.84 US dollars a barrel on the New York Mercantile Exchange.

Meanwhile, the global benchmark, Brent North Sea crude oil for delivery in February, increased 0.89 US dollars, to close at 53.89 US dollars per barrel on London’s ICE Futures Exchange.

Investors are now focused on the upcoming weekend meetings between the producers of the OPEC and non-OPEC can produce an agreement to trim crude production further. Analysts said the market seems to be quite optimistic about the outcome.

On October 30, OPEC decided to cut its oil production of 1.2 million barrels per day (BPD), set in the oil production pagu 32.5 million barrels per day.

The reduction of this production is valid from 1 January 2017, was the first oil production cuts the cartel since 2008. This reduction is being coordinated with other non-OPEC producers, Russia, which promised to trim its production 300,000 barrels per day.

Meanwhile, Abdalla Salem El-Badri, the OPEC Secretary General pulled over in August, Thursday, said at a Conference that the trimming crude production of about 600,000 barrels per day from members of the non-OPEC is a “must”.

“You have to cut production,” he said at the Platts Conference in New York. “This decision is a positive step forward…(Red)

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