Brent at its highest level in 17 months due to production cut agreement

12/12/2016
Roudao - Erbil
Brent crude oil prices surged at the beginning of the week, on Monday, the highest level in 17 months, in the wake of independent outside the Organization of Petroleum Exporting Countries "OPEC" producers deal.
And increased global London Brent crude February delivery increased by 4.5% compared to the price last week's close, to $ 56.76 a barrel by the time (06:53 GMT), up from US $ 54.33 a closing price Friday.
It expects "OPEC" price reaches $ 55, on average, over the next year in 2017.
And last Saturday, reached 11 independent oil producer, to cut production by about 558 thousand barrels per day agreement, Russia pledged previously to bear 300 thousand barrels alone, starting from early next year.
This comes after almost two weeks of the agreement are members of the "OPEC", to cut production by 1.2 million barrels a day to 32.5 million barrels, come into force early next year.

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