OPEC has come to terms on an agreement that will limit the member states ‘ oil production.
According to Reuters the agreement shall mean that Opec production is reduced to 32.5 million barrels per day. The current production is around 33,24 million barrels, and the agreement will thus involve a reduction of around 740.000 barrels.
furthermore, It is expected that the group will draw up more detailed levels for the different countries within the next formal Opec meeting in november. After this also the countries that are not OPEC be contacted.
According to Bloomberg, is this the organization’s first overall cut in eight years.
the Agreement to be confirmed by Iran’s oil minister Bijan Zanganeh.
Opec has come to a exceptional decision today. After two and a half years, Opec reached a consensus to lead the market, ” he said, according to Shana News quoted by the Reuters.
Surprise
– It is a surprise that they have managed to agree now. Most had believed a consensus in november. What we see in the market, where the price of oil has skyrocketed, ” says oljeanalytiker Thina Saltvedt at Nordea to E24.
Oljeanalytiker Thina Saltvedt, Nordea Markets.
Saltvedt points out that, despite the current agreement still is extremely much oil in the market, but that the cuts will contribute to faster pull on the chock-full oljelagre.
She believes further that the agreement may say something about what kind of pressure the Opec countries have been under. Several of the countries ‘ economies are heavily oljedrevne.
No one had probably dreamed that rates would fall as much as they have done, and it has enough drawing down their economies more than they have admitted. Finally, they have also managed to come to an agreement. It will be exciting to see the details in the agreement. What has come so far, a bit less than it perhaps needs to be, but a big step on the way, ” she says.
Oljeprisoppgang
the price of oil rises sharply on today’s news. The spot price of a barrel brentolje is at the time of writing up 4,59 percent to 48,33 dollars, while the us lettoljen rises 4,07 percent to 46,78 dollars per barrel.
Also in the stock market has the news resulted. After a bit daff start of the trading day have Wall Street lifted itself. The Dow Jones is now up 0.44 per cent for the day, and it is oljegiganten Exxon Mobile are leading the way with an increase of 4,42 per cent.
Seen through Norwegian glasses, it is interesting to note that Statoil and Seadrill makes it very sharp in the trade in the united STATES, with an increase of, respectively, 4,11 and to 17.6 per cent.
Saudi Arabia and Iran have fintet away oljetradere, says analysis supervisor Karl-Johan Molnes in the Norne to E24.
He recommend the purchase of oil and oil-related stocks, and draws up including Statoil and det norske oljeselskap as examples.
the Case continues below the graph.
the Graph shows the evolution of brentoljeprisen Wednesday night.
Two years of low oil prices
Opec peaks have since Monday been collected in Algeria, where the International Energy Forum held this week.
In advance of the conference, there have been a number of leaks that suggest that there was a specific proposal by the Opec countries could come to a consensus about. In broad terms, these should have gone out that Saudi Arabia adjusts down its production to about where it was at the beginning of the year, against that Iran freeze its production at current, or slightly above the current level.
the Backdrop before the meeting this week was over two years with falling and low oil prices.
the Development has not least been influenced by the lack of intervention from Opec’s side. The organization selected at the tail end of 2014, a few months after that oljeprisfallet started, not to turn off the faucets. The reason for this was a desire to defend their market share against the emergence of shale oil from the united STATES.
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