• 22 hours PDVSA Booted From Caribbean Terminal Over Unpaid Bills
  • 1 day Russia Warns Ukraine Against Recovering Oil Off The Coast Of Crimea
  • 1 day Syrian Rebels Relinquish Control Of Major Gas Field
  • 1 day Schlumberger Warns Of Moderating Investment In North America
  • 1 day Oil Prices Set For Weekly Loss As Profit Taking Trumps Mideast Tensions
  • 1 day Energy Regulators Look To Guard Grid From Cyberattacks
  • 1 day Mexico Says OPEC Has Not Approached It For Deal Extension
  • 1 day New Video Game Targets Oil Infrastructure
  • 1 day Shell Restarts Bonny Light Exports
  • 1 day Russia’s Rosneft To Take Majority In Kurdish Oil Pipeline
  • 2 days Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 2 days British Utility Companies Brace For Major Reforms
  • 2 days Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 2 days Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 2 days Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 2 days OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 2 days London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 2 days Rosneft Signs $400M Deal With Kurdistan
  • 2 days Kinder Morgan Warns About Trans Mountain Delays
  • 3 days India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 3 days Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 3 days Russia, Saudis Team Up To Boost Fracking Tech
  • 3 days Conflicting News Spurs Doubt On Aramco IPO
  • 3 days Exxon Starts Production At New Refinery In Texas
  • 3 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 4 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 4 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 4 days China To Take 5% Of Rosneft’s Output In New Deal
  • 4 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 4 days VW Fails To Secure Critical Commodity For EVs
  • 4 days Enbridge Pipeline Expansion Finally Approved
  • 4 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 days OPEC Oil Deal Compliance Falls To 86%
  • 5 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 5 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 5 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 5 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 5 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 5 days Aramco Says No Plans To Shelve IPO
Alt Text

Mass EV Adoption Could Lead To $10 Oil

As the adoption of electric…

Alt Text

UK Oil And Gas Costs To Rise 100% If Brexit Fails

Brexit negotiators’ failure to secure…

Alt Text

IEA: Oil Prices To Hit A Ceiling In 2018

Global oil markets appear to…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

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

Oil tanker Iran

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:




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




Oilprice - The No. 1 Source for Oil & Energy News