April futures for oil of mark Brent has risen in price on the London exchange ICE more than 4 percent, reaching 34,75 USD per barrel. The price of a barrel of American WTI has also risen more than 4 percent to 30.75 per dollar. This is evidenced by data exchange. Therefore, the traders responded to information about a possible agreement of the head of the Russian Ministry of energy Alexander Novak and Saudi oil Minister Ali al-Nuaimi on the coordinated actions in the market.
Newspaper the Wall Street Journal, citing unnamed representatives of the OPEC, said that in recent days has been to discuss a new idea — freezing the level of production for all exporting countries agreed not to increase production.
In General, market participants refer to the possibility of coordinated action by oil-producing countries are skeptical. Since every exporter is afraid of losing market share, production is not reduced.
Total production in OPEC countries increased by 280 thousand barrels per day, up to 32,63 million. The international energy Agency expects slower growth in oil demand this year — with 1.6 million barrels per day to 1.2 million.
Currently, oil prices are under pressure of several factors. Its value has dropped because of the slowdown in economic growth in China (the country is one of the largest consumers of hydrocarbons in the world), policies of OPEC to increase production, but also due to the removal of international sanctions against Iran. The Islamic Republic intends to sell abroad one million barrels per day.