Oil Production in Russian Federation in 2017 May Increase by 3%

But he later told reporters while potential regulation had been discussed with Russian firms this year no formal agreement had been reached.

U.S. benchmark West Texas Intermediate for November delivery gained 98 cents to US$46.32 a barrel on the New York Mercantile Exchange.

“If sometime before Wednesday we hear that OPEC has scheduled a formal extraordinary OPEC meeting at the end of the conference, it will signal they have reached an agreement to put a lid on production increases”, said James Williams of WTRG Economics.

This could come as soon as next week, as OPEC representatives might hold an extraordinary meeting following informal talks on the sidelines of the International Energy Forum (IEF) next week in Algeria.

Brent for November settlement rose 82 cents, or 1.8 per cent, to $US47.65 a barrel on the London-based ICE Futures Europe exchange.

Analysts also pointed to a boost from Wednesday’s Federal Reserve meeting at which the United States central bank kept interest rates low. When the dollar falls investors flock to dollar-denominated raw materials.

“This time I think (things are) a little bit different because circumstances are a little bit better, helping (producers) to reach a deal”, Iraq’s OPEC governor Falah Alamri said on Thursday.

Latest data from the General Administration of Customs showed that China’s crude oil imports from Russian Federation stood at 4.64 million tons in August, surpassing Saudi Arabian crude at 4.36 million tons.

The biggest gasoline pipeline in the USA has resumed normal operations after a spill knocked it offline for 12 days and cut supplies to 50 million Americans in the Southeast.

Iran is exporting between 2.3 million and 2.4 million barrels a day, National Iranian Tanker commercial director Nasrollah Sardashti said at an event in UAE emirate of Fujairah.

This year, oil prices plunged to 13-year lows.