Oil prices soared nearly 6% in Europe trade on Tuesday, on news that oil ministers from top producers Saudi Arabia and Russia will meet in Qatar later in the day, fueling speculation of a coordinated cut in crude output.
Saudi Arabia’s Ali al-Naimi and Russia’s Alexander Novak will hold talks together with their counterparts from Venezuela and Qatar in Doha on Tuesday, according to sources.
Global oil prices surged more than 12% on Friday after a report once again suggested OPEC might finally agree to cut production to reduce the world glut.
Traders remain skeptical over the potential for an agreement as Saudi Arabia has so far resisted the idea of OPEC resuming its traditional role of pulling back production during price downturns.
Oil futures are down nearly 70% since the summer of 2014. Global crude production is outpacing demand following a boom in U.S. shale oil and after a decision by OPEC last year not to cut production in order to defend market share.
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Saudi Arabia’s Ali al-Naimi and Russia’s Alexander Novak will hold talks together with their counterparts from Venezuela and Qatar in Doha on Tuesday, according to sources.
Global oil prices surged more than 12% on Friday after a report once again suggested OPEC might finally agree to cut production to reduce the world glut.
Traders remain skeptical over the potential for an agreement as Saudi Arabia has so far resisted the idea of OPEC resuming its traditional role of pulling back production during price downturns.
Oil futures are down nearly 70% since the summer of 2014. Global crude production is outpacing demand following a boom in U.S. shale oil and after a decision by OPEC last year not to cut production in order to defend market share.
Know more about Commodity market tips and MCX Market Tips At
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