Oil Wells

Oil prices have increased after Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members confirmed they would discuss an output freeze proposal at a meeting in Doha.

Brent crude edged up 52 cents to $40.85, while the US crude rose 77 cents and traded at $39.23 a barrel, Reuters reported.

OPEC sources said that oil producers, including Gulf OPEC members are willing to discuss a deal to freeze output at January levels even if Iran does not participate.

"Gulf OPEC members are willing to discuss a deal to freeze output at January levels even if Iran does not participate."

ANZ told the news agency that oil prices also gained support due to a smaller than expected gain in US inventories.

Data released by the Energy Information Administration highlighted an increase in US crude stocks to 523.2 million barrels for the week ending 11 March.

Qatar Energy Minister Mohammed bin Saleh al-Sada said that the producers’ meeting will take place in Doha on 17 April to discuss output plans.

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Around 15 OPEC and non-OPEC producers have supported the initiative, Saleh al-Sada said.

The freeze proposal was agreed last month, and prices have since recovered around 50%.

Image: Oil prices gained support due to gain in US inventories. Photo: courtesy of Victor Habbick/ FreeDigitalPhotos.net.