Tag: Production Cuts
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Oil markets firm on expected extension of production cuts
Oil markets were firm on Monday, with Brent crude opening above 60 dollars per barrel on expectations an OPEC-led production cut due to expire next March would be extended. Brent crude oil futures, the international benchmark for oil prices, were at 60.63 dollars per barrel at 0018 GMT, up 19 cents or 0.3 per cent…
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Equatorial Guinea presents offer to join OPEC, agrees to production cuts in 2017
The Ministry of Mines and Hydrocarbons of Equatorial Guinea announces that it has submitted its interest to join the Organization of Petroleum Exporting Countries, OPEC in 2017. The country’s Minister of Mines and Hydrocarbons, Gabriel Mbaga Obiang, traveled to Vienna on January 20 to meet OPEC officials with a proposal to present the Government of…