Top Oil News Brief/Roundup As Reported to 9th December 2016…..
Oil prices went up slightly on Friday as non-OPEC producers were set to meet in Vienna over the weekend to work out intricate details of the agreement to cut production some 600,000 bopd next year.
February Brent futures were at USD 54.27 in the mid-afternoon in Europe according to reports.
US shale producers are expected to be more prominent in the markets over the next year as oil prices of around USD 50 or higher would likely result in increased production from the US.
The price of OPEC daily basket price stood at $50.04 a barrel Thursday, 8 December 2016, compared with $50.22 the previous day, according to OPEC Secretariat calculations.
Saudi Arabia has told its U.S. and European customers it will reduce oil deliveries from January as Russia signaled that a commitment from non-OPEC producers to join OPEC’s output limits still faced challenges according to a Reuters report.
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