Reuters logo
Oil prices soar 5 pct after first OPEC, non-OPEC deal since 2001
December 11, 2016 / 11:02 PM / a year ago

Oil prices soar 5 pct after first OPEC, non-OPEC deal since 2001

NEW YORK, Dec 11 (Reuters) - Oil prices soared by more than 5 percent as the session began in Asian trading after OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curb oil output jointly and ease a global glut that lasted more than two years.

Brent futures for February delivery rose $2.81 to $57.14 a barrel, a 5.2 percent gain, by 6:05 p.m. EST (2305 GMT) on Sunday. U.S. crude rose $2.57 to $54.07 per barrel, a 5 percent gain.

On Saturday, producers from outside the 13-country Organization of the Petroleum Exporting Countries agreed to reduce output by 558,000 bpd, short of the initial target of 600,000 bpd but still the largest-ever contribution by non-OPEC countries.

OPEC had previously agreed to slash output by 1.2 million barrels per day from Jan. 1, with top exporter Saudi Arabia cutting as much as 486,000 bpd. (Reporting by Devika Krishna Kumar in New York; Editing by Peter Cooney)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below