“From our point of view, it is unlikely that all the countries within OPEC can agree on production cuts, let alone those countries which are not in the OPEC coalition”, Russia’s RIA news agency quoted Novak at the time, citing an interview with business channel RBC TV.
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The price of oil jumped 8% at one stage on Thursday after Russian officials said they would discuss production cuts with Saudi Arabia and other Organisation of Petroleum Exporting Countries (Opec) at a meeting next month. Iraq said earlier in the week that Saudi Arabia and Russian Federation had become more flexible about cooperating to reduce output.
Sputnik News, a Russian-based media publication, reported that Novak met with leaders of the Russian oil and gas sector on Wednesday. Hints of a possible deal between Opec members and rival producers had already helped oil rally 4 percent on Tuesday.
Oil prices rose for the third straight day on Thursday on hopes of the first global deal in over a decade between among oil-producing countries to help clear a glut that has depressed prices for over a year and a half.
Hoshiyar Zebari told Reuters there are “encouraging signs” crude prices could rebound this spring on lower output from higher cost USA shale oil producers.
Anticipation that OPEC and non-OPEC producers could coordinate production cuts has been around all week, and a closing gain on Thursday would be the third in a row – a first this year.
Rising inventories typically signals weak demand in the world s top oil consuming nation and puts further downward pressure on prices in a saturated market.
Brent had risen 82 cents to $34.71 a barrel by 0808 GMT, after ending up 79 cents, or 2.4 percent, at $33.89 on Thursday, and is heading for its fourth straight session of gains.
Until this week, Russia, which relies on energy for more than 40 percent of its budget revenue, had repeatedly stated its goal of keeping crude production stable even as prices tumble.
Iran provided the biggest increase in supply among the OPEC members, the survey found. Sources familiar with the matter say Iran is reluctant to restrain supply as it wants to recover market share and feels that the economic benefits of lifting sanctions offset the drop in oil prices.
Outright close-to-close price volatility is also at 2008-09 levels.
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Oil resumed its decline near $30 a barrel after USA industry data showed crude stockpiles increased, exacerbating a global glut.
