UPSTREAMONLINE.COM
Oil rose to an 18-month high on Monday after Opec and some of its rivals reached their first deal since 2001 to jointly reduce output to tackle global oversupply, though prices slipped late in the day. On Saturday, producers from outside Opec, led by Russia, agreed to reduce output by 558,000 barrels per day, short of the target of 600,000 bpd but still the largest non-Opec contribution ever. That followed Opec's 30 November deal to cut output by 1.2 million bpd for six months from 1 January. Top exporter Saudi Arabia will cut around 486,000 bpd to reduce the supply glut that has dogged markets for two years.
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Oil rose to an 18-month high on Monday after Opec and some of its rivals reached their first deal since 2001 to jointly reduce output to tackle global oversupply, though prices slipped late in the day. On Saturday, producers from outside Opec, led by Russia, agreed to reduce output by 558,000 barrels per day, short of the target of 600,000 bpd but still the largest non-Opec contribution ever. That followed Opec's 30 November deal to cut output by 1.2 million bpd for six months from 1 January. Top exporter Saudi Arabia will cut around 486,000 bpd to reduce the supply glut that has dogged markets for two years.
Read more>