Oil prices increased after support for OPEC’s output cut

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Global oil prices reached $53.17 at 2004 GMT on Monday after Russian President Vladimir Putin and Venezuelan President Nicolas Maduro expressed their positive approach on OPEC’s output cut.

Speaking at the World Energy Congress 2016 in Istanbul, Putin said Russia supports OPEC’s decision to limit oil production. Maduro also stated OPEC needs to take a decision on stabilizing oil prices.

In addition, Mohammad Barkindo, secretary-general of Organization of the Petroleum Exporting Countries (OPEC), noted that energy ministers who are participating in the World Energy Congress in Istanbul would meet on Wednesday to consult on an oil production cut decision.

Last week, oil prices had kept above the $50 mark with hopes that OPEC would realize a production freeze deal at the upcoming November meeting.

OPEC agreed to cut oil production down to a range of between 32.5 and 33 million barrels per day, effective from November during an unofficial meeting in late September in Algeria.

International benchmark Brent crude oil closed last week decreasing by 0.40 percent to $52.30, while U.S. WTI retreated by 0.34 percent to $50.27 at 13:39 GMT last Friday.

Source: Anadolu

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