Economy News _ Baghdad
LONDON (Reuters) - Oil prices rose to their highest level in two years at the end of last week, according to an international report published on Sunday, citing strong reports by OPEC and Russia that an agreement would be drawn up to extend and expand oil production cuts until the end of next year.
"There is a state of agreement between Riyadh and Moscow on the need to announce an additional period of reductions at the upcoming producers' meeting in Vienna on November 30," said a report by World Oil, The two sides are still studying critical details, "according to figures close to and participated in the recent talks.
"Prices have risen by more than 8 per cent this month, with prices heading for the third consecutive monthly gain, the longest winning streak since May last year," the report said, warning that "the lack of agreement on continued market intervention will reduce "The supply could cause oil prices to drop immediately with any gains made last year in a relatively excluded situation - a halt to the cut production agreement."
"The world's top oil and gas exporters find joint cooperation and coordination an urgent need for a better future for the industry and to keep the market in a state of sustainable growth and increased profitability," the report said. "Everyone is aware that achieving those goals of prosperity will not Is achieved only through fruitful cooperation deals, first and foremost the extension of the work of production cuts. "