In April, OPEC+ agreed to cut oil production by a record 9.7 million barrels per day (b/d), approximately 10% of global output.
stood at $37.76 during morning deals, up over 2.5%. The contract also rose to its highest level since early March, building on gains of nearly 4% in the previous session.
"As usual, Russia is playing hard to get in the run up to the talks but will prove willing to compromise in the end. Crucially, the Russians will be keen to reach a common position with the Saudis to demonstrate that the OPEC+ partnership remains firm," analysts at Eurasia Group said in a research note.
Russian Energy Minister Alexander Novak and Saudi Energy Minister Abdulaziz Bin Salman sign documents during a ceremony following a meeting of Russian President Vladimir Putin with Saudi Arabia's King Salman in Riyadh, Saudi Arabia, on October 14, 2019.Unlike the March meeting ahead of the Saudi-Russia price war, analysts believe the mood among key members of the energy alliance is now much more positive, with leaders of all the main oil producers aligned on the need to continue cooperation.
"We have long argued that the uptrend we have been seeing in the oil market and which started at the end of April would not last," Varga said.
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