Russia says OPEC and allies should raise output from JuneLONDON/ SINGAPORE: Oil prices rose to their highest level since November 2018 on Monday, driven by OPEC supply cuts, US sanctions against Iran and Venezuela and fighting in Libya as well as strong US jobs data. “However, the latest boost was received from an escalation of fighting in Libya, which is threatening further supply disruption,” he added. Despite the host of price drivers, there are still factors that could bring oil prices down later this year. Russian oil output reached a national record high of 11.16 million bpd last year. On the other hand, the Saudi energy minister said on Monday it was premature to say whether a consensus existed among OPEC and its allies to extend oil supply cuts, but a meeting next month would be the key.

Source: The Express Tribune April 08, 2019 12:56 UTC