OpeOluwani Akintayo 22 September 2017, Sweetcrude, Lagos – Prices of crude oil boosted to $57 ahead of the Organisation of the Petroleum Exporting Countries, OPEC’s meeting in Vienna, Austria, today (Friday).
OPEC and Russia meet today to determine whether to or not to extend production cuts to lessen global glut and boost prices.
By 11.56 a.m on Thursday, Brent crude was trading at 56.29 dollars a barrel. U.S. crude was 50.64 dollars.
OPEC and Russia agreed to reduce output by about 1.8 million barrels per day (bpd).
Many analysts expected them to extend the deal that currently lasted till March, but many also said prices at current levels could encourage some countries to boost production.
Oil prices surged more than 15 per cent over the last three months as global oil supply tightened.