The price of Brent crude rose to a one-year high of $53.58 a barrel yesterday after Russian President Vladimir Putin gave his support for OPEC’s plan to cap oil production.
Ministers from the world’s largest oil-producing countries are meeting at a conference in Istanbul this week to discuss ways to restrict the record output levels seen over the past two years.
Oil jumps 6% as OPEC surprises with production cut
Speaking at the World Energy Conference, the president of Russia (which is not a member of OPEC) said: “We believe freezing or even reducing oil production is the only way to save the stability of the energy sector.”
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