Production remains limited
Oil price shoots through $60 a barrel
The price of oil has risen above $60 a barrel. The last time this amount was on the plates was in July 2015. The oil price is picking up, because the OPEC countries want to limit production in 2018.
OPEC countries will meet again on November 20. It is expected that it will then be announced that the production restriction of the OPEC countries will also remain in effect in 2018. The current agreements have been made until March next year. According to several analysts, the price increase is based on an extension of the production restriction.
Russia also joins
In the run-up to the meeting, oil giant Saudi Arabia has already announced that they want to keep a brake on production for the time being. Non-OPEC country Russia also wants to restore the balance between supply and demand by keeping the oil tap closed.
The oil market is therefore looking upwards for the time being, although the extension of the production restriction has already been largely priced in, according to analysts.
The evolution of the oil price in recent months.
Wouter Job
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