Mubasher: Oil prices were down during Monday’s trades ahead of talks by major oil producers in Istanbul.
By 6:40am GMT, Brent crude futures (for December delivery) fell 0.85% to $51.50 per barrel (pb), while US crude lost 0.9% to $49.35 pb.
The Organisation of Oil Exporting Countries (OPEC) is set to meet with non-OPEC producers in Istanbul on 12 October to discuss support for stabilising global production ahead of the official 30 November meeting.
Global news agencies have reported that Iraq’s and Iran’s oil ministers will not be present in the October meeting.
Oil prices suffered additional pressure after Baker Hughes Oilfield Services announced Friday an increase in oil rigs for the sixth successive week.
Russian oil minister Alexander Novak told Anadolu Agency in an interview on Sunday that his country “has always supported the idea of freezing oil production,” because Russia believes it would help speed up market rebalancing.
“That is why we look forward to the proposals,” he added.
