Oil prices surged 3 percent on Monday to their highest in three weeks as the Organization of the Petroleum Exporting Countries seems to be moving closer to reach an oil output deal in its meeting next week.
Brent crude futures LCOc1 were up $1.44 to $48.30 a barrel, U.S. West Texas Intermediate (WTI) futures CLc1 were up by $2.01 to $47.70 a barrel.
Saudi Arabia started last week diplomatic talks among uncooperative members, persuading them to join the proposed output cut deal. Since then, Brent has risen 11 percent in a week.
Oil prices are higher on comments by Russia’s president Vladimir Putin when he said at a news conference in Lima after an Asia-Pacific Economic Cooperation summit on Sunday that he is optimistic that an output deal will be reached at OPEC’s meeting on November 30 in Vienna.
Putin said that he do not know why non-OPEC member Russia will not agree to freeze oil output.
He also commented, “We will do everything that our partners from OPEC are expecting. To freeze crude production is not an obstacle for us.”
OPEC members had a meeting in Algeria late last September to discuss a political accord to curb-oil-production and to put the outlines for it, in order to re-balance oil prices and push them higher.
The talks were not successful as some countries said they should be exempt from such an agreement.
After the discussions in September, global oil market witnessed a surge in oil outputs ahead of finalizing a quantum-limit.
OPEC produced a record of 33.8 million barrels per day last month. Shipments from Libya and Nigeria have jumped by about 1 million bpd since mid-summer as attacks on oil infrastructure cooled and ports returned to business.
Iran wanted to raise its oil output especially after sanctions on it was lifted in January, OPEC members proposed last week a deal for Iran to cap, rather than cut, output.
OPEC members are aiming to $60 per oil barrel if the agreement was approved, Iran’s oil minister said.
Iranian Oil Minister Bijan Zangeneh met during the weekend in Tehran with Mohammad Sanusi Barkindo, the secretary general of the OPEC.
They both discussed the prospects of putting an oil production limit and Iran’s oil minister anticipates crude oil prices could rise 25 percent if such a deal is formalized.
Iran’s oil minister sentiment in reaching a final agreement has highly strengthened oil markets.
OPEC members are trying since last week to a reach a consensus agreement to limit oil output in a range of 32.5 to 33 million barrels per day.
Libya and Nigeria, whose exports have faced violence, have also asked to be exempt from any deals.
Iraq has also been reluctant towards the OPEC’s deal and has been pumping up its production severely for more than two years and wanted to be exempt as it needs oil revenue to fund its war against Islamic State.
In change of events, Iraq has lately agreed to contribute in the proposed supply cut by OPEC.
Amid hopes that an accord will be seen in the short time, it is threatened by Donald Trump as a U.S. president as he made strong statements about Iranian sanctions and banning imports of Saudi crude.
In any scenario, fingers are crossed for the deal to be formalized as an oil surplus running into 2017 will be a huge overthrow for the oil market.
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