Economy

Oil Rises on Expected OPEC+ Supply Curbs and Equities Rally

Oil Rises on Expected OPEC+ Supply Curbs and Equities Rally

"This is a major step forward", said United Arab Emirates' Energy Minister Suhail Mohamed al-Mazrouei, who is also President of the OPEC Conference.

"The OPEC+ deal from last week will allow more of a bullish position to be taken up by some market participants from this point", analysts at JBC Energy said in a report.

The Saudi minister noted before the meeting that the oil pumpers are looking for a sufficient cut to balance the market.

Cooperation with the United States in the field of nuclear power is only possible for countries that sign the so-called 123 agreement, which stipulates a clear distinction between using nuclear technology for civil and for military purposes, and binds the signee to utilizing the technology for civil purposes only.

Qatar's exit from OPEC "is not going to affect us or the production moving forward", he said.

US West Texas Intermediate (WTI) crude futures were at $51.19 a barrel, up 19c, or 0.4%, from their last settlement.

International Brent crude oil futures were at $60.19 per barrel at 0336 GMT, up 19 cents, or 0.3 per cent, from their last close.

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Perry's visit to Dhahran came as Crown Prince Mohammed bin Salman unveiled state oil giant Aramco's plan for a new energy megaproject in the area known as the King Salman Energy Park (SPARK).

"Oil has opened the week lower as U.S. OPEC refused to specify which country would cut how much". "OPEC is attracting non-OPEC members like South Africa and others", he added. "Today's decision is a very important step for the oil producers, the oil market and the future of the oil industry", he said.

Crude output has surged in the United States, set to end 2018 as the world's top oil producer, ahead of Russian Federation and Saudi Arabia.

The decision to cut back on supply next year comes amid an oil market plagued by oversupply which has seen the price of crude lose more than 30% of its value since October.

The forced shutdown of the Sharara oilfield, in the remote southwestern portion of the Libyan Desert, will affect 315,000 barrels per day (Bpd) of production.

All major oil producing nations, including Saudi Arabia, Russia and the USA have all substantially increased out and kept it high for a prolonged period of time, resulting in the creation of a oil environment that is reminiscent, and precepted, the 2014 downturn.