The Group of Seven industrialized nations will issue a joint call for an increase in global oil production in a bid to bring down fuel prices, French Finance Minister Pierre Moscovici said last night.
“I have just obtained a commitment from my counterparts in the G7 to sign a communique to call for an increase in output by oil producing countries to bring down the oil price,” Moscovici said.
His remarks, reported by Reuters, came as Brent October crude rose 19 cents to $ 112.45 a barrel at 1739 GMT, having fallen to $ 111.71, putting the 200-day moving average of $ 111.45 in sight. Brent’s session peak was $ 113.10.
US October crude was up 77 cents at $ 96.24 a barrel, having reached $ 96.54, just under the 200-day moving average of $96.73.
The head of the International Energy Agency yesterday reiterated her opposition to a reserves release.
Maria van der Hoeven said higher oil prices alone did not justify a release and world oil markets could cope with the loss of Iranian exports.
From : Arabnews