Brent oil price hits highest level at $53.45 in a year
Moscow has indicated it was ready to join measures to limit global oil production
Brent North Sea crude rose to $53.45 a barrel on Monday -- its highest price in a year after President Vladimir Putin indicated Russia was ready to join measures to limit global oil production.
At around 1453 GMT, the price hit $53.45 -- a $1.53 increase from Monday. It was the highest level reached since October 2015, when it was at $54.05 a barrel.
Commitments on supply
Meanwhile, Algerian Energy Minister Nouredine Bouterfa said on Monday he expects to see commitments on supply cuts from non-OPEC oil producers at gatherings in Istanbul, describing them as “consultations” ahead of November’s OPEC meeting in Vienna.
Asked if he expected a strong commitment from non-OPEC members at the World Energy Congress in Istanbul this week, Bouterfa told Reuters: “why not?”.
OPEC is trying to nail down details of a deal to cut production agreed last month in Algiers.
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OPEC could cut output more in November if needed: AlgeriaProduction reduced at present by around 700,000 barrels per day to a range of 32.5-33.0 million barrels per day Energy
Russia plays wait and see on oil freeze after OPEC dealPrices tumble on Friday as doubts emerged over long-term success of agreement in stabilizing market Energy