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Oil price drops below USD 51 after OPEC agrees modest output cuts

Following the meeting of OPEC and non-OPEC oil exporting states in Vienna, the price of Brent crude oil has dropped below USD 51 per barrel for the first time since May 15. The Brent crude oil has been trading below USD 51 per barrel price for the first time since May 15 after major oil producer agreed last week to extend moderate output cuts for nine months past June. In response to the high cost of US shale, Saudi Arabia has been selling its massive stockpile of crude oil at rock-bottom prices.

July Brent futures, the benchmark for the global oil price, traded at as low as USD 50.89 per barrel, market data showed. West Texas Intermediate July futures slipped by 0.9 percent to USD 48.46 per barrel.

The Organization of Petroleum Exporting Countries and 11 non-cartel producers agreed in Vienna on Thursday to extend output cuts of a combined 1.7 million barrels per day until April 2018.

Mr Alexander Novak, Energy Minister of Russia, which signed up to a 300,000 cut, told CNBC after the meeting deeper cuts would depend on the goals that participating countries set themselves. He said a joint ministerial monitoring committee would meet in Moscow in July to assess the progress.
Source : SPUTNIK
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