Media ININ Economy We Trust
MediaIn – Abu Dhabi February 21,
The Organization of the Petroleum Exporting Countries (OPEC) produced 32,302 million barrels of crude oil in January, and its share of the gains reached 7.7 percent in the same month, rising to 66.85 dollars.
The survey by the Emirates News Agency (WAM) showed that the gains of the OPEC basket of oil amounted to 27.5% in the period from January 2018 compared to the same month of 2016, which recorded a barrel record $ 52.4.
The gains in the OPEC basket price were supported by the extension of the OPEC-OPEC cut-off agreement and a number of top independent producers last October, which would come into effect by the end of 2016.
The agreement aims to control the balance in the global oil market, which has improved for more than a year after the decline in the price of this strategic commodity due to several factors, including the slowdown of the global economy in the previous period, which affected the volume of demand for oil amid oversupply.
