Reuters - Video

Edition: US | UK | IN | CN | JP

video Finance Videos

Reuters Today: Spanish yields seen rising at auction
Reuters Today: Spanish yields seen rising at auction - 06:21
Surprise services boost points to UK recovery
Surprise services boost points to UK recovery - 02:54
Breakingviews: Do as I say, not as I do – German wages
Breakingviews: Do as I say, not as I do – German wages - 05:04
Market Pulse: Spain under fire as investors shun bond sale
Market Pulse: Spain under fire as investors shun bond sale - 03:28
Myanmar's Kyat begins managed float
Myanmar's Kyat begins managed float - 01:59
ASEAN: territorial code of conduct draft by year-end
ASEAN: territorial code of conduct draft by year-end - 01:48
U.S. Morning Call: Stock futures down, JPMorgan to be fined
U.S. Morning Call: Stock futures down, JPMorgan to be fined - 02:08
EMEA Day Ahead:: Thursday
EMEA Day Ahead:: Thursday - 03:13
3XSQ: Customer funds in question; royal return
3XSQ: Customer funds in question; royal return - 05:44
Still cashing in? Hirst retrospective
Still cashing in? Hirst retrospective - 02:32
World's biggest car delivery center
World's biggest car delivery center - 02:41
FACTBOX: Titanic the movie sails again
FACTBOX: Titanic the movie sails again - 02:20

Oil rises on hopes of non-OPEC output cuts

Friday, December 09, 2016 - 01:49

Oil prices extend gains for a second session running on optimism that non-OPEC producers will agree to cut output following a cartel agreement to limit production. Is a deal really a realistic prospect? Hayley Platt reports.

▲ Hide Transcript

▶ View Transcript

Oil prices get another boost - rising for a second session. The market hoping non-OPEC members will join OPEC in cutting production when they meet in Vienna at the weekend. It follows the cartel's historic decision earlier this month to curb output for the first time in 8 years. But it has little influence outside of its sphere. And who will take the brunt of the cuts is still to be decided. SOUNDBITE (English) SENIOR FX STRATEGIST, RABOBANK, JANE FOLEY, SAYING: "It's very difficult to know with complete faith that the non-OPEC members will also do their bit. If we look for instance at Russia, well yes they've indicated that they are willing to freeze or reduce production but this comes off record high levels or extremely high levels of production." So far only five out of 14 non-OPEC producers are said to be attending the meeting. Along with Russia, Oman has publicly said it is willing to reduce production. Azerbaijan has its own proposal to put to the group. While Kazakhstan is still undecided. (SOUNDBITE) (English) PANMURE GORDON CHIEF ECONOMIST, SIMON FRENCH, SAYING: "The other factor of course is the U.S. simply not looking to play ball in terms of production cuts, and actually a lot of circumstantial evidence that the shale oil producers are locking in the higher prices we're currently seeing just above $50 a barrel on the expectation that their pumping considerably more in 2017." According to OPEC member Nigeria - the cartel WILL go ahead with cuts of 1.2 million barrels of oil per day. Even if Russia ends up being the only non-OPEC member to agree on reducing its output. But Russia has said there are 'unresolved issues' it wants to discuss - and plans to hold additional talks with both OPEC and non-OPEC nations.

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Close

Oil rises on hopes of non-OPEC output cuts

Friday, December 09, 2016 - 01:49

Featured Videos

Che Guevara poster artist on revolutionary times

Che Guevara poster artist on revolutionary times

Fifty years after creating the Che Guevara poster that still adorns student bedrooms around the world, Irish artist Jim Fitzpatrick is delighted at its ubiquity, but concerned at its exploitation for commercial gain
Netfix and HBO tie for total wins at the Emmys

Netfix and HBO tie for total wins at the Emmys

It was a night of upsets for the highest honours in television and a triumph for streaming services, as Netflix drew with HBO for first place at the awards show
BMW shows off self-driving motorcycle

BMW shows off self-driving motorcycle

BMW has released video of its first self-driving motorbike, an autonomous version of its R1200GS motorcycle
Aston Martin swaps V12 for 800V

Aston Martin swaps V12 for 800V

Aston Martin, the car company synonymous with James Bond, has launched its first ever electric sports car, the Rapide E
Japan embraces Naomi Osaka

Japan embraces Naomi Osaka

Naomi Osaka is hogging the headlines after she became the first Japanese player to reach a Grand Slam singles final. She's also helping break new ground due to her multiracial identity: the daughter of a Haitian father and Japanese mother.