Oil is traded at highs since late October on the results of the OPEC meeting

Нефть торгуется на максимумах с конца октября на итогах встречи ОПЕК

World oil prices on Thursday afternoon continue to grow, remaining at a maximum level since October, amid OPEC’s decision to limit their production levels, according to the auction.

As at 14.21 GMT the price of February futures for North sea petroleum mix of mark Brent have grown on 1,35% — to 52.54 per barrel. On Wednesday the price of Brent for the first time since October 24, rose above $ 52 a barrel. The January futures for WTI rose in price by 1.09% up to 49.98 per barrel. Earlier on Thursday, WTI for the first time since 27 October have risen above psychologically important mark in 50 dollars for barrel.

OPEC on Wednesday reached an agreement on the reduction from 1 January 2017 for its oil production by 1.2 million barrels per day — up to 32.5 million. The agreement implies participation of countries outside the cartel. Their production needs a total decline of 600 thousand barrels per day, of which 300 thousand barrels per day agreed to provide Russia. A cartel agreement is designed for six months with possibility of extension for another six months.

Earlier Thursday, Russian energy Minister Alexander Novak said that Russia in the framework of the agreement with OPEC to reduce oil production from the current level of 11.2 million barrels per day. In his opinion, all major Russian companies will participate in the reduction of oil production in the framework of the agreement, the authorities of the Russian Federation will discuss with the companies plan to reduce production.

Novak also said that the energy Ministry will prepare a plan for the reduction of oil production in Russia up to December 9 — tentative date for a meeting of OPEC oil producing countries outside the cartel, but support his decision.

The energy Minister also noted that Russia is ready to consider the possibility of extending the agreement with the cartel on oil production for the first six months of 2017, if it will be fulfilled. According to Novak, Russia is interested in participating in the OPEC Committee to monitor the transaction to reduce production, and have received the relevant offer will not abandon it.