• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 16 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 10 hours Will Uncle Sam Step Up and Cut Production
  • 1 day Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 33 mins Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 11 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 14 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 3 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 7 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 2 days I think I might be wrong about a 2020 shakeout
  • 2 days Kremlin Says WTO's Existence Would Be In Doubt If the U.S., Others Left
  • 1 day Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 51 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
Alt Text

The Threat That Will Send Oil Down To $10

French bank BNP Paribas published…

Alt Text

Here’s Why Canadian Oil Prices Are Finally Rallying

Canadian pipeline companies are looking…

Alt Text

Oil Trapped In Narrow Price Band

Oil prices appear to be…

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




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play