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Oil & Gas

Monday
09 Dec 2019

Oil Steady After OPEC+ Members Agree Deeper Output Curbs

09 Dec 2019  by James Thornhill   
An employee collects a sample of light refined diesel fuel for quality control testing at a facility in the Duna oil refinery, operated by MOL Hungarian Oil & Gas Plc, in Szazhalombatta, Hungary, on Monday, Feb. 13, 2019. Oil traded near a three-month high as output curbs by OPEC tightened global supply while trade talks between the U.S. and China lifted financial markets.

Crude prices held firm in Asia on Monday after OPEC and its allies agreed to enlarge production cuts and Saudi Arabia said it would go even further with its own reductions.

Brent crude futures eased 0.2%, after gaining 1.6% on Friday. Top oil producers agreed at last week’s meeting in Vienna to extend cutbacks to 1.7 million barrels a day, from 1.2 million previously, starting Jan. 1. Saudi Arabia then sprang a surprise, saying it would pump 400,000 barrels a day less than its new mandate.

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