The price of Brent crude oil exceeded $52 for the first time since October 24

The price of Brent crude oil as at 22:00 Moscow time has grown by 9.93% to $52,04, according to the auction exchange ICE. This mark, the price of Brent reached for the first time since October 24.

Oil price increases against the background of achievements in the Vienna agreement of OPEC members on production cuts for the first time since 2008, to 32.5 million barrels./day starting from January next year.

According to the text of the agreement referenced by Bloomberg, Saudi Arabia has agreed to reduce the production of 486 thousand barrels. up to 10,058 million barrels./day. Iraq, the second oil production country in the cartel, will produce 4,351 million barrels./day is 210 thousand less than in October. Iran had the opportunity to increase production from 3.7 million to almost 3.8 million bbl./day. The United Arab Emirates and Kuwait will reduce daily production by 139 thousand and 131 thousand, respectively.

Following this, the Russian Minister of energy Alexander Novak said that Moscow is ready to join the agreement. According to him, Russia “will gradually reduce production in the first half of 2017, in the amount up to 300 thousand Barr. a day in a short time, on the basis of their technical capabilities.”