Iran said on Thursday an increase in oil prices to more than $55 per barrel was not in the interest of OPEC as it would lead to a rise in output by non-OPEC producers, the semi-official Fars news agency reported. "If oil prices specifically surge over $55 or $60 per barrel, non-OPEC producers will increase their crude production to benefit the most from the price hike," Iranian Oil Minister Bijan Zanganeh was quoted by Fars as saying. "OPEC is determined to reduce its production to help manage the market." Benchmark Brent crude oil was trading up $1.18 a barrel at $57.02 as of 1429 GMT. The Organization of the Petroleum Exporting Countries agreed on Nov. 30 to cut output by 1.2 million barrels per day for the first six months of 2017, in addition to 558,000 bpd of cuts pledged by independent producers such as Russia and Oman.
For daily intraday tips and intraday calls click this link to get connect with us http://www.ripplesadvisory.com/aboutus.php fill our Two Days Free Trial For more you can give One missed call on this no. -9303093093
No comments:
Post a Comment