Benchmark Brent sweet crude LCOc1 jumped more than two per cent to a
high of 58.37 dollars, up 1.55 dollars a barrel and its highest since
July 2015.
Similarly, U.S. light crude oil CLc1 hit an 18-month high of 55.24
dollars up 1.52 dollars a barrel, also its highest since July 2015.
The development coincides with the official start of a deal agreed by
the Organization of the Petroleum Exporting Countries and other
exporters such as Russia to reduce output by almost 1.8 million barrels
per day (bpd).
Libya, one of two OPEC countries exempted from the output cuts, has
increased its production to 685,000 bpd, from around 600,000 bpd in
December, an official at the National Oil Corporation said on Sunday.
Meanwhile, Oman, a non-OPEC Middle Eastern oil producer Oman told
customers last week that it would cut its crude oil term allocation
volumes by 5 per cent in March.
Non-OPEC Russia’s oil production in December remained unchanged at
11.21 million bpd, near a 30-year high, but it was preparing to cut
output by 300,000 bpd in the first half of 2017 in its contribution to
the accord.
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