Oil prices have reached their highest level in a year amid hopes in financial markets that the Opec cartel will make a deal to curb crude production stick.
The International Energy Agency (IEA) has highlighted the significant tasks ahead for OPEC if the oil cartel is to freeze or cut its production.
Oil and share prices rose after Opec members struck a deal to limit crude output for the first time since 2008, in an attempt to ease a global glut that has more than halved crude prices in the past two years.
Opec struggles to speak with a single voice these days, so it was always a wobbly assumption that the cartel of oil producers would be able to agree a deal with non-members, such as Russia, to curb output.
The world’s biggest oil producers will huddle in Doha on Sunday in a rare off-scheduled meeting where discussion about what they can do to staunch the continued global surplus of crude oil that’s weighed on prices for nearly two years.
The rise of North American oil supplies could test the future of OPEC which may have to curb supply to accommodate rising shale oil volumes, a new report has found.
The commodity market's "supercycle" of strong growth is waning, OPEC said on Wednesday, and it sees little upside with commodity prices currently in transition mode to slower growth rates.