Crude oil futures up 1.70%, tracking positive Asian cues
Sep 30 2016 by Marjorie Miles
"It will be an informal meeting, it is not a meeting for making decisions", Barkindo said during a visit to Algiers, according to APS agency, referring to an energy conference between September 26 and September 28.
Official storage data is due to be published by the US Energy Information Administration (EIA) later on Wednesday.
"Even if an agreement to freeze production is reached, this will change very little for the global oil market, given that most OPEC members are already producing close to their peak capacity", it added.
"We're not meeting for a decision", he said.
"The API is causing a bullish stir as it reported a 7.5 million crude oil drawdown", Phil Flynn, analyst at brokerage Price Futures Group in Chicago, wrote in a market commentary.
Oil climbed near $45 a barrel after Algeria said OPEC may turn its informal talks next week into a formal session and as weekly industry data showed US crude inventories declined.
Around 1130 GMT, Brent North Sea crude for delivery in November was down 48 cents at United States dollars 45.46 a barrel compared with today's close.
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OPEC and major oil producers outside the cartel - most notably Russian Federation - have been in talks regarding a potential production freeze, though neither a timeline nor a baseline for the halt has been revealed so far.
"My trips showed that most OPEC members support a freeze in production".
Opec may turn its informal meeting in Algiers into a formal session depending on discussions before or during the gathering, Algerian Energy Minister Noureddine Bouterfa said Tuesday on public radio.
Oil prices also rose after Venezuelan President Nicolas Maduro said on Sunday that the Organization of the Petroleum Exporting Countries and other major oil producers were close to reaching a deal on price stability.
However, on Saturday, the Secretary-General of OPEC, Mohammed Barkindo said that the next OPEC meeting would be for consultation only and not decision-making.
Production of oil in the country now stands at around 300,000 barrels per day, and reports suggest that could be increased if ports are open and secure.
"Noises from OPEC about a possible deal on production cuts, clashes around a Libyan export terminal scheduled to make its first deliveries since 2014 combined to see both Brent and WTI bounce anemically", OANDA senior market analyst Jeffrey Halley told AFP.