Oil rises 13% in global markets





The news agency Buratha
Views 62 01/12/2016



Oil prices rose 13 percent on Thursday after the OPEC and Russia reached an agreement to cut production in order to eliminate oversupply in the global markets, but analysts have warned that prices may not see a big increase compared to the historical comparisons as it will block Producers others gap in production.

It agreed Organization of Petroleum Exporting Countries (OPEC) on Wednesday on the first cut of oil production since 2008 after being accepted Saudi Arabia's biggest producer in Oopk- a significant reduction in their production and abandoned its demand that the contraction of rival Iran produced.

One analyst said the AP Bernstein "OPEC has agreed to an historic cut production. Cut 1.2 million barrels per day at the maximum forecast (0.7-1.2 million barrels per day) and an additional reduction of 0.6 million barrels a day by non-members of OPEC can add strongly to what has been announced by OPEC. "

After the announcement jumped International benchmark Brent crude 13 percent of the level of at least $ 50 a barrel on Wednesday to $ 52.54 a barrel by 0600 GMT.


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