• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 14 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 13 hours What-If - Russia decided to take out the Saudi and Kuwait oilfields
  • 18 hours "As the Earth Cools, the Climate Change Hoax Heats Up" by Michelle Edwards
  • 18 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 3 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
  • 14 hours 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 15 hours The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 21 hours PROFOUND ! "Russian Ruble relaunched linked to Gold and Commodities" by the famous Ronan Manly -- (NOTE the censorship by the MultiPolar New World Order of The Great Reset))
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Surges To One-Year High As Putin Backs OPEC Deal

Crude oil prices have jumped to almost one-year high's on Monday in a shocking turn of events as Russian President Vladimir Putin disclosed that Russia was ready to join the cartel’s efforts to reduce global oil supply.

At the time of writing, WTI Crude traded up 3.07 percent to US$51.34, while Brent Crude was up 2.66 percent at US$53.31. Last year on October 12, Brent Crude was trading at US$56.45.

“We believe freezing or even reducing oil production is the only way to save the stability of the energy sector. Russia stands ready to join common efforts to limit oil production and urges others to as well,” The Wall Street Journal quoted Putin as saying at an energy conference in Istanbul.

Last month, OPEC producers agreed to discuss a deal to limit production to a range of between 32.5 million barrels per day and 33 million bpd. Oil prices rallied after that announcement then, but later lost steam amid growing skepticism if OPEC would be able to agree to quotas and more importantly, to stick to its decisions.

Monday’s comments by Putin injected renewed optimism in the market that OPEC and non-OPEC countries might be able to find common positions in efforts to reduce the oil glut and rebalance the market. Related: How Sanctions Have Benefited Russian Oil

Russia’s Energy Minister Alexander Novak, however, said that his country would prefer to freeze production rather than cut it, although it would consider a potential proposal from OPEC to cut.

The top Russian officials are attending the World Energy Congress in Istanbul, which will be the venue for informal OPEC and non-OPEC meetings with ministers discussing the deal-to-make-a-deal reached in Algiers last month. Notably, Iran and Iraq have not sent their oil ministers to Istanbul, in a sign that no important decisions would emerge this week, or that whatever decision was made would not involve them.

Saudi Arabia’s energy minister, Khalid al-Falih, also re-invigorated the market on Monday saying he was optimistic that major oil producers will agree to cut production by November, and that $60-a-barrel prices were not out of the question.

Nevertheless, the oil market is bracing for a volatile week, with comments from the meeting expected to influence prices, on top of the OPEC monthly bulletin and the International Energy Agency (IEA) monthly report also scheduled for release this week.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • John Scior on October 11 2016 said:
    What they say they will do and what they actually do, it turns out are not altogether the same thing.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News