OPEC and Russian Federation agreed to output cut, despite USA pressure

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It said in a note that OPEC+ curbing production would have a calming effect over concerns of a supply glut in the global market, but the bank also determined that the oil cut deal would have a limited impact on oil prices.

West Texas Intermediate for January delivery was at $51.12 a barrel on the New York Mercantile Exchange, up 12 cents, at 1:02 p.m.in Singapore. "Production's exceeding of the consumption in the market and predictions about the decline in the world economy for the next year determined the fall in oil prices".

USA equity markets and European stocks rallied earlier as investors weighed the prospects for success in American-Chinese trade talks.

"Oil has opened the week lower as U.S".

While asked, whether the decision of output cot could sour Saudi's relation with U.S., the Saud Energy Minister, Khalid Al-Falih was quoted as saying that, the kingdom was prepared to pump more, had there been any need of supply. "OPEC is attracting non-OPEC members like South Africa and others", he added.

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They claim the Fezzan region has suffered decades of neglect and demanded revenue of the oil produced from local fields be used to fund development projects.

The initial agreement, led by Russian Federation, was later extended for another year till the end of 2018.

Some countries have been applied a compromise within the framework of the agreement on reduction of oil production.

The forced shutdown of the Sharara oilfield, in the remote southwestern portion of the Libyan Desert, will affect 315,000 barrels per day (Bpd) of production.

Unlike when a deal was reached to cut supply in 2016, the market is more skeptical this time around about exactly how the Organization of Petroleum Exporting Countries can go about supporting prices.

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The Organisation of the Petroleum Exporting Countries (OPEC) expects demand for its oil to fall next year, as global supplies, particularly in USA shale continue to rise.

International Brent crude oil futures LCOc1 were at $60 per barrel at 0746 GMT, up 3 cents from their last close.

Futures in NY were little changed, after Monday's 3.1 percent drop erased gains following last week's pact between Saudi Arabia, Russia and other major producers to curb output.

Before landing in Saudi Arabia, Secretary Perry was in Qatar, which said just last week that it was quitting OPEC as of January.

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