Oil rises to view a Saudi cut production with the approach of OPEC talks

2016/9/23 17:14

[Oan- Baghdad]

Oil prices jumped on Friday after sources said Saudi Arabia could cut its crude production if found Iran this year, she said.

The three-informed sources told Reuters that Tehran has not yet been Saudi Arabia's offer, which comes ahead of Ministers of the Member States meeting the Organization of the Petroleum Exporting Countries accept [OPEC] next week in an effort to stop the bleeding oil price losses.

And increased global measurement Brent and WTI US mediator in the futures after the announcement of the news while Brent jumped more than one percent.

By 11:11 am GMT, the price of Brent futures to $ 48.04 a barrel, up 39 cents, or 0.82 percent.

US crude was trading in the futures at $ 46.40 a barrel, up eight cents, or 0.17 percent.

And it began oil futures dealings on Friday to drop amid weak investor hopes of a breakthrough to support prices in the talks held by OPEC members in Algeria next week.

But the Saudi supply Yahya idea of ​​coordination likely to support the market, as hinted Riyadh and Tehran earlier in the year.

If the offer was approved, this agreement will change the strategy of Saudi Arabia, which currently adopts the defense of its share in the global market policy despite falling prices at the expense of other producing countries, especially those in which oil production costs rise.