Oil lifts as Opec output cuts expected to be deeper than thought
Opec plans to release a table detailing output cut quotas for its members and allies such as Russia in an effort to shore up the price of crude
Beijing/Singapore — Oil prices climbed on Friday after tumbling 5% in the previous session, with Opec production cuts that start in January expected to be deeper then previously thought. Benchmark Brent crude futures were up 1.51% at $55.17 per barrel at 1.12am GMT, recovering from losses of $2.89 per barrel the session before. US West Texas Intermediate (WTI) crude futures rose 1.53%, or 70 US cents, to $46.58 per barrel. Oil cartel Opec plans to release a table detailing output cut quotas for its members and allies such as Russia in an effort to shore up the price of crude, Opec's secretary-general said in a letter on Thursday. Mohammad Barkindo said to reach the proposed cut of 1.2-million barrels per day, the effective reduction for member countries was 3.02% percent. That is higher than the initially discussed 2.5% as Opec seeks to accommodate Iran, Libya and Venezuela, which are exempt from any requirement to cut. "The current oil prices will force Opec to increase compliance ...
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