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OPEC deal optimism pushes up oil prices


economy

OPEC deal optimism pushes up oil prices

The oil world is optimistic, which means Brent crude has enjoyed a weekly rise in prices, the first time that has happened in five weeks.

The optimism is centred on renewed hopes that the producer group OPEC might agree to limit the amount it pumps, thereby addressing a supply glut and low prices.

Reportedly most OPEC members are now prepared to offer Iran significant flexibility on production volumes.

Iran has been the main stumbling block for such a deal.

That is because Tehran wants exemptions from output limits as it tries to regain market share after the easing of Western sanctions in January.

If OPEC reaches a deal at a formal meeting in Vienna at the end of November, it could draw support from non-OPEC members including Russia, which has promised to cooperate.

Russian Energy Minister Alexander Novak said on Friday after meeting OPEC members he was more confident an output deal could be reached between Moscow and the group to help to boost oil prices.

Oil prices would probably have risen more but for the US dollar reaching its highest levels since 2003 against a basket of currencies on Friday.

A stronger dollar makes oil, which is priced in dollars, more expensive to buyers using other currencies.

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