(MENAFN- Trend News Agency ) Baku, Azerbaijan, Aug.22
By Leman Zeynalova – Trend:
World oil prices are rising on Aug.22 despite the low compliance of OPEC and some non-OPEC countries with the oil output cut agreement.
The price for October futures of Brent oil has increased by 0.75 percent to $52.05 per barrel as of 07:24 (UTC + 4).
The price for September futures of West Texas Intermediate (WTI) grew by 0.70 percent and stood at $47.70 per barrel.
The compliance level of OPEC and participating non-OPEC countries has dropped from 98 percent in June to 94 percent in July, according to the estimations of OPEC Joint Ministerial Monitoring Committee.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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