Oil rises on news of possible OPEC oil production cuts

Нефть дорожает на новостях о возможных мерах ОПЕК по сокращению добычи

World oil prices rise amid news of a possible stronger than expected, reducing production by OPEC countries, according to the auction.

As of 20.36 MSK price of the December futures for North sea petroleum mix of mark Brent have grown on 1,35% — to 52.56 USD per barrel. The price of November futures for WTI crude oil rose 1.20% to 50.40 USD per barrel.

Earlier on Thursday the Minister of energy of Algeria Noureddine Boutarfa said that OPEC members may cut production at a meeting in November, more than had been discussed at a meeting in Algeria. Assessing the prospects for entry into force has been achieved in the Algiers agreement of OPEC, Butera stressed that to date, “simple and achievable”, because all the countries of the organization “were able to agree among themselves and have the common will to achieve the stabilization of the market.”

In addition, Russian energy Minister Alexander Novak said that Russia and other oil-producing countries will be discussed at the meetings in Istanbul the decision to stabilize the oil market, previously adopted in Algeria. He noted that meetings will be held with other Ministers and the OPEC Secretary-General Mohammed Barkindo.

In Istanbul from 9 to 13 October will host the world energy Congress. It will be attended by representatives of oil-producing countries and executives.

OPEC’s informal meeting in Algeria on 28 September agreed restriction of output in the range of 32.5-33 million barrels of oil per day, but for specific restrictions for each of the countries of the cartel yet, there is no agreement. The final decision should be taken at an official meeting of the organization, which will be held on November 30 in Vienna.