ZCZC
BCN-17
OPEC-ENERGY-OIL-PRICE
Oil prices gain as OPEC-led alliance agrees deeper production cuts
NEW YORK, Dec. 7, 2019 (BSS/Xinhua) – Oil prices climbed on Friday as the
Organization of the Petroleum Exporting Countries (OPEC) and its allies
agreed to deepen production cuts.
The West Texas Intermediate for January delivery settled 77 cents higher
at 59.20 U.S. dollars a barrel on the New York Mercantile Exchange. Brent
crude for February delivery rose 1 dollar to close at 64.39 dollars a barrel
on the London ICE Futures Exchange.
OPEC and its allies agreed to steepen production cuts by an additional
500,000 barrels a day, bringing the total cuts to 1.7 million barrels daily,
according to a statement released by OPEC on Friday.
This additional adjustment would be effective as of Jan. 1, 2020 and is
subject to full conformity by every participating country, said the
statement.
The OPEC, Russia and other producers have been largely limiting oil output
since 2017 in order to boost prices.
In July, the alliance agreed to extend a production cut of 1.2 million
barrels a day for nine months. The pact runs through March 2020.
BSS/XINHUA/HR/1505