Oil prices closed up nearly 3 percent on Monday amid renewed speculation that OPEC would try limit production , which reduced concerns about oversupply that pushed the market to three-month lows last week.
Oil WTI rose $ 1.22, or 2.92 percent, to $ 43.02 a barrel. The contract touched the April lows last week below $ 40.
Meanwhile, a barrel of Brent gained $ 1.12, or 2.53 percent, to $ 45.39.
the newspaper Wall Street Journal reported last week that OPEC members like Venezuela, Ecuador and Kuwait want to strengthen cooperation between the organization of 14 countries and states that are not part of the cartel as Russia.
A similar initiative failed in April after Saudi Arabia turned away from the negotiations in Doha, Qatar, Iran’s refusal to join the proposal to freeze production.
Energy Minister of Qatar and OPEC President Mohammad bin Saleh al-Sada said in a statement that the producer group was in “constant discussions with all member states on ways to help restore stability and order in the oil market “.
The statement Monday said scheduled an informal meeting of OPEC members in the framework of the International Energy Forum, which brings together producers and consumers, to be held in Algeria between 26 and 28 September.
Meanwhile, Russia, the world’s largest oil producer, put cold cloths on Monday a new plan to freeze production. “Russia’s position is that the prerequisites for this have not yet been given, considering that prices are still in a more or less normal level” , Russian Energy Minister Alexander Novak.
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