May 22, 2017, 08:32 / Finance

Brent rose to $54.2 per barrel

Oil is rising in price on expectations of an agreement between oil-producing states to limit its production, writes Bloomberg.

July Brent futures rose by 0.87% to $54.23 per barrel by 8.05 Moscow time. WTI futures rose 0.93% to $50.80 a barrel.

At a meeting on May 25, OPEC countries are expected to extend the agreement on production cuts until at least the end of the year. It was reached in December last year and involves the withdrawal from the market of 1.8 million barrels per day by the cartel countries (excluding Libya and Nigeria) and 11 other producers: Russia also joined the agreement and has already stated that it will support the extension of the agreement.

Last week, the energy ministers of Russia and Saudi Arabia announced that they would do everything possible to achieve stabilization of the oil market, and for this they would propose to extend the agreement between OPEC and other oil-producing countries to limit production until the end of March 2018. Previously, there was talk about the possibility of extending the agreement concluded for the first half of 2017, for another six months, but not for nine.

Previously on the topic: Extension of the agreement to reduce oil production may not yield results - IEA Previously on the topic: Moscow and Riyadh will propose to extend the oil production limit for nine months