The oil price was steady ahead of an OPEC+ meeting on Monday to discuss production policy amid a rapidly tightening market.
The OPEC+ alliance descended into bitter infighting after a key member blocked a deal at the last minute, forcing the group to postpone its meeting and casting doubt on an agreement that could ease a surge in oil prices.
After weeks of often tense negotiations, OPEC ministers gathering in Vienna expressed renewed optimism about salvaging a deal to cut oil production and prop up global prices.
Russia’s energy minister met with counterparts from Saudi Arabia and other Arab Gulf oil-producers to discuss steps to stabilize crude markets amid OPEC’s drive to win cooperation from the biggest supplier outside the group in limiting output to prop up prices.
Oil rose after Algeria said OPEC may turn its planned informal meeting in Algiers next week into a formal session.
Iran's oil minister has confirmed he will attend an OPEC meeting in Algeria next month.
An agreement on production levels by OPEC would have created only “psychological support” for the market, according to a top analyst.
Mosman Oil and Gas expects to hold an annual general meeting on the cancellation of nine million shares which had been issued for acquisition.
Nigeria's Petroleum Minister said some OPEC members plant to meet with other producers in Russia later this month.
A notice has been submitted to court by a pair of companies who were restricted by JKX from attending an annual general meeting.
Venezuela is pushing for an emergency OPEC meeting as well as joint coordination with Russia in a bid to stem the decline in oil price. President Nicolas Maduro said the cash-strapped country had called for a meeting to take place and said it had been in contact with all OPEC governments. He said:"We're working towards a special OPEC meeting, in coming days we'll announce .... We're making contacts with OPEC governments.
OPEC won’t cut its collective crude output when it meets later this month and global oil prices will stabilize once the surplus is absorbed by the market, Kuwait Oil Minister Ali Al-Omair said. OPEC, which supplies about 40 percent of the world’s oil, meets November 27 to debate supply. The 12-member Organization of Petroleum Exporting Countries, which has a production target of 30 million barrels a day, pumped 30.974 million barrels a day in October, according to data compiled by Bloomberg. “I don’t think there will be any cut in the production,” Al-Omair said at a conference in Abu Dhabi in the United Arab Emirates. “We feel prices will settle down once surplus oil is absorbed.”