Saudi, Iranian and Iraqi energy ministers will be among key OPEC representatives to meet non-OPEC member Russia on the sidelines of an energy conference next week in Istanbul, OPEC sources said. Oil has gained more than $6 a barrel since the Organization of the Petroleum Exporting Countries announced at informal talks in Algeria on Sept. 28 that it hopes to reduce output to 32.5 million-33 million barrels per day. That would remove about 700,000 bpd from a global glut estimated by analysts at 1.0 million-1.5 million bpd. Oil crashed from above $100 a barrel in mid-2014 to around $26 in February this year from oversupply of up to 2 million bpd and OPEC's refusal then to cut output. Algeria's Energy Minister Nouredine Bouterfa told local media OPEC could ultimately reduce output by another 1 percent above the 700,000 bpd agreed in Algeria.

Source: The Edge Markets October 06, 2016 18:56 UTC