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Oil prices rose to their highest level since November 2018 on Monday, driven upwards by the Organisation of Petroleum Exporting Countries’ (OPEC) ongoing supply cuts, U.S. sanctions against Iran and Venezuela, fighting in Libya as well as strong U.S. jobs data.
Saudi Arabia’s Energy Minister, Khalid Al-Falih, has said that member countries of the Organisation of Petroleum Exporting Countries (OPEC) and its allies led by Russia still have a lot of work to do to balance global oil markets, and are prepared to do what is necessary in this regards in the second half of 2019.
The Kremlin said on Tuesday there were no substantial talks currently taking place to establish an alliance between Russia and OPEC.
Oil prices were stable on Monday, largely maintaining gains from the previous session as OPEC-led supply cuts and U.S. sanctions against Venezuela provided the market with support.
Crude oil production will be cut by 1.2 million barrels per day from January 2019 for an initial period of six months.
The Organisation of Petroleum Exporting Countries (OPEC) and its allies agreed yesterday to cut oil production by 1.2 million barrels per day, owing to a record global crude glut and the need to halt the price slump.
The Organisation of the Petroleum Exporting Countries has made a planned cut in oil output effectively conditional on the contribution from non-OPEC producer Russia, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.
Russia is planning to sign a partnership agreement with the Organisation of the Petroleum Exporting Countries (OPEC), Energy Minister Alexander Novak said on Monday.
Russian Energy Minister Alexander Novak has said Moscow will support Iran to counter US oil sanctions.
Oil traded above 85 dollars a barrel on Wednesday, supported by expectations that U.S. sanctions on Iran will tighten supply and strain the ability of Saudi Arabia and other producers to pump more.
Oil fell in New York after U.S. President Donald Trump criticized OPEC and said crude prices are “artificially Very High.”
Russia intends to fulfill its responsibilities under the deal of the member states of the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC countries on the oil output freeze in April.
Oil prices is expected to rise further as the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC talks ended with an agreement to extend the production cut deal through the end of 2018.
Russia and Morocco hope to co-operate more closely in the energy sector, Russian Prime Minister Dmitri Medvedev said on Wednesday during a visit to Rabat.
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