• 4 minutes Permian in for Prosperous and Bright Future
  • 7 minutes Amount of Oil Usage in the United States
  • 10 minutes America Could Go Fully Electric Right Now
  • 33 mins Something wicked this way comes
  • 4 hours Tesla Battery Day (announcements on technology)
  • 17 mins Kalifornistan, CO2, clueless politicians, climate hustle
  • 2 hours Natural Gas Saves Southern California From Blackouts
  • 20 hours Why NG falling n crude up?
  • 16 hours Famine, Economic Collapse of China on the Horizon?
  • 8 hours .
  • 1 day US after 4 more years of Trump?
  • 22 hours Ten Years of Plunging Solar Prices
  • 2 days Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 2 days .
  • 2 days Nord Stream 2 Halt Possible Over Navalny Poisoning
Fitch Cuts Long-Term WTI Oil Price Outlook To $50

Fitch Cuts Long-Term WTI Oil Price Outlook To $50

Fitch Ratings has lowered its…

Oil Prices Fall As Libyan General Pledges To Reopen Ports

Oil Prices Fall As Libyan General Pledges To Reopen Ports

Libyan strongman General Khalifa Haftar…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Soars After OPEC And Partners Reach Deal

Oil prices shot up on Friday after the stubborn holdout Iran agreed to have OPEC reduce oil production by a total of 800,000 bpd, while non-OPEC nations, led by Russia, are reportedly adding another 400,000 bpd of cuts, for a total of 1.2 million bpd OPEC+ production cut.

At 09:31 a.m. EDT on Friday, WTI Crude was soaring 3.73% at $53.41, while Brent Crude was surging 4.15% at $62.55.

Iran was the last holdout in the talks within OPEC, which dragged on from Thursday after members failed to agree on the size of a cut and who would be exempt.

As talks resumed on Friday, Iran continued to refuse to accept wording that it would ‘cut’ and insisted on ‘exemption’, remaining the only sticking point in the OPEC negotiations, while the deal broker, Russia’s Energy Minister Alexander Novak, flew in from Moscow for the non-OPEC part meeting, and sat down for separate talks with each of oil ministers of Iran and Saudi Arabia, Bijan Zangeneh and Khalid al-Falih, respectively.

As the talks began on Friday, reports emerged that Russia may be ready to cut its oil production by 200,000 bpd as part of a deal with OPEC to reduce oil supply—a higher commitment than 150,000 bpd previously aired. Related: U.S. Becomes Net Oil Exporter For First Time In 75 Years

Shortly before the meeting between OPEC and the non-OPEC partners, various OPEC ministers and delegates started to talk to reporters, saying that there is a principle agreement for an 800,000 bpd cut within OPEC from October levels, with Iran, Libya, and Venezuela given ‘special considerations’. According to delegates, OPEC will not be providing who is cutting how much, and sources say that the deal is for a total of 3-percent cut.

Early reports also say that the agreement is for six months, but will be reviewed again in April 2019.

OPEC and non-OPEC are now meeting behind closed doors, and the UAE’s Energy Minister Suhail Al Mazroui said in an open session before the meeting that he hopes the OPEC and non-OPEC cooperation will continue “for years to come.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Blackbag99 on December 07 2018 said:
    Its not soaring at all.

    This is a sit down price and do nothing.

    Sep 17, same gift again. Many thanks
  • miriam da silva callegari on December 07 2018 said:
    Do you believe they will really cut the output? Of course not. It is bluff . It's been long since OPEC could be trusted. They lie to one another.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News