The decision of OPEC raised oil prices

2016-12-01 12:09:52
Machine translation
The decision of OPEC raised oil prices

the Morning of 1 December Brent oil futures rose relative to the end of the previous trading session by 3.79% and crossed a level of 52 $per barrel.

 

So the market reacted to the decision on limiting oil production, which was agreed by representatives of countries, members of OPEC, talks in the Austrian capital. OPEC agreed to cut oil production by 1.2 million barrels/day (or 3.5%) to 32.5 million barrels.

 

According to the published in the report by November 11 information, the average daily oil production in October this year amounted to 33.6 million barrels/day.

 

the Increase in oil prices should lead to an increase in the cost of crops from which to produce biofuels: corn, sugar, oilseeds and oil.