OPEC announced a production cut for the first time since eight years. This announcement Pushed prices up by 8 percent in the international markets. Brent price rose by 8.4 percent to $ 51.3 a barrel, while US crude rose by 8.2 percent to $ 48.9 a barrel.
UAE Energy Minister Suhail Al Mazroui expressed optimism about getting commitments from independent producers outside the “OPEC” to cut production at the meeting, which is held on the tenth of December to finalize the agreement.
“OPEC” agreed last week to cut production by about 1.2 million barrels per day, as of January, in an effort to reduce the glut of global supply and support oil prices.
Iranian President Hassan Rohani announced that the members of the Organization of Petroleum Exporting Countries producers (OPEC) should work with each other to ensure the implementation of an agreement reached last month with the aim to stabilize the oil market.
The Kremlin announced that Russian President Vladimir Putin personally approved on lowering Russia’s oil output based on the consensus reached with the major oil companies on cooperation with the “OPEC”.
Germany spent 21.1 billion euros on imports of crude oil in the first ten months of this year, a decrease of 24.9% from the same period last year due to lower prices. According to official data, Russia has topped the list of Oil suppliers to Germany. The rate increased to 38.9% from 35.2% a year ago, despite calls from the European Commission to the members of the EU to diversify their energy supplies to reduce imports from Russia.
Oil prices increased after the Russian government source confirmed that Russia intends to conduct additional talks with some countries from inside and outside of OPEC to discuss the outstanding issues regarding the planned cut in oil production ahead of a broader meeting on Saturday in Vienna.