OPEC aims to agree on cutting about 700,000 barrels per day, bringing its output to 32.5-33.0 million bpd by the time it meets in Vienna for its policy meeting on Nov. 30. OPEC has also asked Russia and other non-members to join in making cuts.
Russian President Vladimir Putin said an output freeze or even a production cut were likely the only right decisions to maintain energy sector stability.
“Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join,” Putin said, speaking at an energy congress in Istanbul.
U.S. West Texas Intermediate crude CLc1 rose to $51.60, its highest since June 10, before trading at $51.38, up $1.57, or 3.2 percent.