Crude oil prices have increased 5% in the morning of this Friday, signals indicate that OPEC members will reach an agreement to cut production.
On 7 December OPEC is negotiating with other producing nations the reduction of oil production at its headquarters in Vienna (Austria). The 15-member producer group is aiming for a reduction of approx 1.2 million barrels one day
At 1:55 GMT, the Brent LCOc1 crude went up $ 3.26 a barrel up to a maximum of $ 63.32. For its part, the light US CLc1 rose $ 2.62 to a maximum of 54.11 a barrel and then fell to around 53.90.
According to a source of OPEC told Reuters, on Friday Iran gave the go-ahead to the organization to reduce its oil production around 800,000 barrels a day from 2019, after reaching an agreement with the rival Saudi Arabia for an exemption for Tehran.
Furthermore, OPEC is trying to join Russia's reduction, one of the largest oil producers in the world that is not part of the organization.