Oil prices rise amid falling global output

0 Comment(s)Print E-mail Xinhua, April 3, 2019
Adjust font size:

NEW YORK, April 2 (Xinhua) -- Oil prices increased on Tuesday, as official data showed Russia oil production fell in March and the Organization of the Petroleum Exporting Countries (OPEC) was also found reducing its daily supply last month, relieving worries over a potential supply surplus.

Russian oil output dropped to 11.298 million barrels per day (bpd) in March, a decrease of around 112,000 bpd from the October 2018 level, the baseline of the global deal, according to data released by the country's energy ministry on Tuesday.

The Saudi Arabia-led oil cartel produced 30.40 million barrels per day (bpd) last month, down 280,000 bpd from February, according to a Reuters survey released on Monday.

OPEC and its allies, including Russia, had inked an output cut deal of a total of 1.2 million bpd last December. The agreement took effective on Jan. 1 and will expire by the end of June.

The survey found that 11 OPEC members achieved 135 percent of their pledged cuts of 800,000 bpd in March, up from 101 percent in February.

The West Texas Intermediate for May delivery rose 0.99 U.S. dollar to settle at 62.58 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery increased 0.36 dollar to close at 69.37 dollars a barrel on the London ICE Futures Exchange. Enditem

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter