Russia on Tuesday said it will take part in a meeting of OPEC and non-OPEC members as oil prices wobbled on doubts over the impact of an output cut deal.
Energy Minister Alexander Novak will attend the meeting in Vienna on Saturday expected to nail down details on implementing the agreement reached last week.
After months of disagreement, OPEC members on November 30 hammered out a deal to cut oil output for the first time in eight years.
Moscow — which is not a member of the oil cartel — has said it is ready to reduce crude output by 300,000 barrels a day in the first half of 2017.
The OPEC agreement ended weeks of uncertainty and volatility on crude markets as the key players bickered over who would shoulder the biggest burden of the cuts.
Oil prices shot up on the announcement, which was more ambitious than many analysts had expected.
Prices reached a 16-month high late Monday on the back of an announcement by OPEC of the meeting with non-members but quickly dipped overnight as the luster of OPEC’s decision to cut production faded.
On Tuesday at 1345 GMT, US benchmark West Texas Intermediate was down $1.06 on the day at $50.73, while Brent North Sea crude had dropped 93 cents to $54.01.
Source: AFP
