Major Opec and non-Opec oil producers are sending mixed messages regarding the potential for cooperation ahead of a major summit in Algiers later this month. This has led to further price volatility, as the market watches for signs of an agreement on production on the sidelines of the International Energy Forum (IEF) on 26-28 September.
Brent fell to $41.80/B on 2 August, but Opec’s 8 August announcement sparked a revival, with prices topping out at just shy of $51/B on 18 August, before declining again to $45.45 on 1 September. They were at $49/B as MEES went to press. (CONTINUED - 1763 WORDS)