Tue August 22, 2017
Advertisement
Can't connect right now! retry

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

add The News to homescreen

tap to bring up your browser menu and select 'Add to homescreen' to pin the The News web app

Got it!

Business

December 2, 2016

Share

Advertisement

Oil surges

Oil surges

Singapore

Oil prices shot up 13 percent, smashing trading volume records, after OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned they could remain modest by historical comparison as other producers fill the gap.

The Organization of the Petroleum Exporting Countries (OPEC)agreed on Wednesday its first oil output reduction since 2008 after de-facto leader Saudi Arabia accepted "a big hit" and dropped a demand that arch-rival Iran also slash output.

The deal also included the group´s first coordinated action with non-OPEC member Russia in 15 years.

"OPEC has agreed to an historic production cut," analysts at AB Bernstein said.

"The cut of 1.2 million barrels per day (bpd) was at the upper end of expectations (0.7-1.2 million bpd).

An additional cut of 0.6 million bpd from non-OPEC countries could significantly add to what has been announced by OPEC.

Advertisement

Comments

Advertisement

Topstory

Opinion

Newspost

Editorial

National

World

Sports

Business

Karachi

Lahore

Islamabad

Peshawar

Advertisement