Oil price up 8% after positive remarks in Vienna
Baku, Azerbaijan, Nov.30
By Leman Zeynalova – Trend:
The prices for Brent crude oil rose by 8.26 percent Nov.30 after the positive remarks made by OPEC members regarding the possible results of Vienna meeting.
This is while the prices for West Texas Intermediate (WTI) oil increased by 7.85 percent.
Iran's oil minister Bijan Zanganeh said that OPEC output is expected to decrease by 1-1.2 million barrels per day.
Zanganeh also said that Russia’s position has changed after the recent phone talk between Iranian President Hassan Rouhani and his Russian counterpart Vladimir Putin.
Russia is ready to decrease its output and cooperate with OPEC, he added.
Moreover, Iraq’s Oil Minister Jabar Ali al-Luaibi noted that his country is ready to cut the oil output in accordance with its interests.
The meeting of OPEC to reach a deal on oil production kicked off in Vienna Nov.30.
The 14-country group, which accounts for a third of global oil production, made a preliminary agreement in Algiers in September to cap output at around 32.5-33 million bpd versus the current 33.64 million bpd to prop up oil prices, which have halved since mid-2014.
How much each country will produce is to be decided at the ongoing OPEC meeting in Vienna.