Oil prices rise close to $60/barrel

World crude oil prices rose close to the threshold of 60 USD/barrel, recording the highest increase since July 2015 thanks to many positive supporting information.

World oil prices rose to their highest level in a year and a half after the Organization of the Petroleum Exporting Countries (OPEC) and several non-OPEC oil giants agreed to cut global production.

Global oil prices increase sharply (Illustration photo: Reuters)

On the trading session of December 12, Brent oil price was at 56.61 USD/barrel, US crude oil price was 53.84 USD/barrel. Previously, Brent oil price increased by 6.6% to 57.89 USD/barrel, US crude oil price increased by 5.8% to 54.51 USD/barrel. This is the highest level since early July 2015.

In recent sessions, oil prices have increased continuously thanks to positive information from production cuts that help reduce global oil surplus.

Saudi Arabia's Energy Minister Khalid Al-Falih said the kingdom was ready to cut production beyond what OPEC member countries had pledged.

Oil giants determined to "rescue" oil prices (Photo: The Guardian)

Non-OPEC countries also pledged to cut production by 558,000 barrels per day. Russia pledged the largest cut, 300,000 barrels per day.

Previously, OPEC countries reached a historic agreement to "freeze" production cuts, with a cut of 1.2 million barrels/day. This is the first production cut agreement between OPEC and other oil exporting countries since 2001 and after two years of a record 75% drop in oil prices, causing many countries that depend on oil revenue from the Middle East to Latin America to suffer.

Currently, OPEC, along with non-OPEC countries that have agreed to cut production, account for 60% of the world's crude oil supply. The rest belongs to other major producers such as the US, China, Canada, Brazil and Norway./.

According to VOV