Brent crude oil futures, due in March on London's ICE, rose $ 1.5 to $ 71.01 a barrel.
And the last time the price of a barrel of oil of this type $ 71 on December 3, 2014, while the seventh meeting of the Monitoring Committee of the Organization of the Petroleum Exporting Countries and the Organization of the Petroleum Exporting Countries and non-oil exporters from outside the bloc on 21 January 2018.
Ministers discussed at this meeting the current result To implement the production reduction agreements, noting before the meeting that the level of implementation of the agreement last year averaged 107 percent.
The deal to cut oil production between OPEC and other producers was continuing for the second year. Under the agreement reached in late November 2017, participants will be committed to reducing production by the end of this year.
Russia, Saudi Arabia and 22 other countries have agreed to cut output a year ago to stabilize supply and demand, remove the record crude oil surplus in the markets and surpass the average of five years by 380 million barrels.
Around 2017, oil exporters generally succeeded in meeting their obligations. Thanks to the full commitment of quotas by countries such as Russia, Saudi Arabia, Venezuela and Mexico, the overall level of compliance has exceeded 100%.
By December, OPEC had announced that excess oil stocks had shrunk to 220 million barrels.