Signs "to cut production," reflected on oil prices



13/12/2016 08:42



Oil prices stabilized Tuesday after the first signs of reduced production by OPEC and the emergence of some other exporters, to tackle the global supply glut jointly.

By at 02:11 GMT, it was trading futures contracts for crude at $ 55.76 a barrel, up 7 cents from the previous session.

With WTI US fell 7 cents to $ 52.76 a barrel.

She said , "Reuters" quoted Massardha ADNOC , the UAE company informed its customers it would cut production between 3 to 5 percent, adding that it will take those necessary steps to reduce its production commitment agreement "OPEC".

The producers are not members of the Organization of the Petroleum Exporting Countries Bkiedrh Russia have agreed on Saturday to cut production 558 thousand barrels per day, down from 600 thousand barrels per day, which was targeted, but they remain the largest contribution from non - OPEC at all.

The decision comes after OPEC on November 30 agreed to reduce production of 1.2 million barrels per day for 6 months, from January

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