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OPEC production cut rumour halts oil price decline

By News Express on 12/02/2016

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Oil prices briefly dipped to new 12-year lows Thursday, but a fresh hope of potential production cuts helped the commodity regain some of those losses later in the day.

West Texas Intermediate, the U.S. benchmark crude oil, fell 4.5% to $26.21 on Thursday but rebounded above $27 after The Wall Street Journal paraphased a United Arab Emirates Energy Minister as saying that “OPEC members are ready to cooperate on a cut.”

The commodity hasn’t settled below $26 since May 2003, according to the Oil Price Information Service.

Production cuts at the Organization of the Petroleum Exporting Countries would help ease the global glut of crude oil that has crushed the commodity in recent months and tipped U.S. gasoline prices into a downward spiral.

But rumours of OPEC cuts are not the real thing. Two weeks ago, oil surged briefly after the Russian news agency TASS reported that OPEC and Russia could meet in February to cut production.

That hasn’t happened yet.

In fact, OPEC increased production in January by 280,000 barrels per day to 32.6 million, according to an International Energy Agency report released Tuesday.

“A sanctions-free Iran, Saudi Arabia and Iraq all turned up the taps,” IEA reported.

Still, any sign that OPEC members are weighing cuts will be welcome news for U.S. energy producers that are swimming in debt. Analysts expect numerous bankruptcies by U.S. oil companies in 2016. (USA Today)

Source News Express

Posted 12/02/2016 11:43:25 AM

 

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