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Oil Prices Keep Rising

Source: www.gulfoilandgas.com 12/14/2016, Location: Europe

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Oil futures settled at their highest level since July 2015 after an energy watchdog lifted its demand forecast for this year and predicted that planned output cuts by major oil-producing nations will stabilize prices.

On December 13th, the price of Brent crude oil rose to $56 per barrel, the highest level since mid-2015. The impetus Russia, Kazakhstan and a few other countries agreed to voluntarily cut their oil output, following a landmark deal in November by OPEC - which includes Saudi Arabia, UAE, Kuwait, Iraq, and Iran — to limit its own production.

OPEC in late November agreed to slash production by 1.2 million barrels a day. Over the weekend, 11 non-OPEC countries including Russia agreed to cut their output by 558,000 barrels a day. The total sum represents almost 2% of global supply.

The Qatar’s QP, Saudi Arabia, UAE’s ADNOC, Kuwait’s KPC companion’s oil production would fall from January 2017 in line with last month's agreement members to cut output. All started advising our customers of the expected reductions in oil deliveries to ensure the State's compliance with OPEC's allocations. On the other hand, Iraq & Iran announced that they shall increase their current production levels slightly.

The U.S. shale patch is expected to increase by 2,000-barrel-per-day in December 2016 and is, more importantly, the first overall monthly increase since April 2015.

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