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Opec talks push oil prices higher Opec talks push oil prices higher
(5 days later)
Global oil prices have risen on growing expectations that producers' cartel Opec will vote to cut production.Global oil prices have risen on growing expectations that producers' cartel Opec will vote to cut production.
US light crude was up $2.09 at $73.94 a barrel, with Brent up $2 at $71.62, ahead of Opec's meeting on Friday.US light crude was up $2.09 at $73.94 a barrel, with Brent up $2 at $71.62, ahead of Opec's meeting on Friday.
Fears of a global economic slowdown have pushed oil prices down by half since July's all-time highs.Fears of a global economic slowdown have pushed oil prices down by half since July's all-time highs.
A number of Opec members, including Algeria, Iran and Venezuela, have already said they would like to see output cut to help shore up prices.A number of Opec members, including Algeria, Iran and Venezuela, have already said they would like to see output cut to help shore up prices.
Growth risksGrowth risks
Opec's meeting has been brought forward by three weeks in response to the recent fall in oil prices.Opec's meeting has been brought forward by three weeks in response to the recent fall in oil prices.
Algeria's energy minister and Opec president Chakib Khelil said he expected the organisation to announce "substantial" output cuts.Algeria's energy minister and Opec president Chakib Khelil said he expected the organisation to announce "substantial" output cuts.
Most oil analysts are now in agreement, with Merrill Lynch estimating that production could be cut by one million barrels per day.Most oil analysts are now in agreement, with Merrill Lynch estimating that production could be cut by one million barrels per day.
Energy consultancy CGES says Opec will argue that it has to cut production to prevent a further "price collapse".Energy consultancy CGES says Opec will argue that it has to cut production to prevent a further "price collapse".
However, the International Energy Agency, which represents the main oil-consuming nations, warned that any output cut by Opec - and the likely follow-on rise in oil prices - could intensify any global economic slowdown.However, the International Energy Agency, which represents the main oil-consuming nations, warned that any output cut by Opec - and the likely follow-on rise in oil prices - could intensify any global economic slowdown.
Opec comprises 12 of the world's largest oil producers.Opec comprises 12 of the world's largest oil producers.