In a meeting going on Vienna this Saturday, non-OPEC oil producers have agreed to reduce their oil output, joining forces with the cartel in their battle to boost Prices. Russia, Mexico, Oman and Azerbaijan will trim more than 500,000 barrels a day, with the exact numbers still being under discussion by oil ministers.
Saudi Arabia was looking for producers out of the cartel to cut something around 600,000 barrels a day, to revert the global glut that has kept prices depressed for almost two years now.
Last Friday, oil prices set around the higher end of this year's range after spiking to fresh yearly highs in the week. US light, sweet crude for January delivery settled at $51.45 a barrel on the New York Mercantile Exchange, while Brent, the global benchmark, closed just shy of the 55.00 level, around $54.90 a barrel on ICE Futures Europe. Both benchmarks are expected now to gap higher next Monday, Asian opening.
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