Crude Oil Posts Gains for Second Week Ahead of OPEC Production Meeting

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Crude oil futures prices increased for the second week in a row on Friday despite losses ahead of next week’s Organization of the Petroleum Exporting Countries (OPEC) meeting.

WASHINGTON (Sputnik) — Prices fell on Friday amid reports that Saudi Arabia will not attend Monday's meeting of non-OPEC members ahead of a Wednesday meeting where oil ministers are expected to agree on an oil production limit.

Workers look at a drilling rig at a well pad of the Rosneft-owned Prirazlomnoye oil field outside the West Siberian city of Nefteyugansk, Russia, August 4, 2016 - Sputnik International
OPEC Wants Non-Members to Cut Oil Output by 500,000Bpd
West Texas Intermediate crude fell 4.2 percent, closing down $2.02 at $45.93 per barrel on Friday, but prices were up 0.5 percent for the week, following gains last week.

On Thursday, Russian Energy Minister Alexander Novak said OPEC offered to cut oil production by approximately 500,000 barrels per day.

In September, the OPEC oil producing nations reached a preliminary agreement to set the oil output ceiling at 32.5-33 million barrels a day for the cartel.

The OPEC countries have yet to finalize the deal at the November 30 meeting in Vienna with non-member states, including Russia, open to capping the output.

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