Specifically, the price of a barrel of Brent, a benchmark for Europe, has risen 4.60% to 62.9 dollars per unit. The market price of Brent has hovered around that figure during the last few days, after falling on the 29th of November to below 58 dollars to the minimum since 2014.
For its part, the price of the West Texas Intermediate barrel, a reference for the United States, has reacted in the same way at the beginning of the meeting of the oil cartel and its allies. Specifically, it has advanced 4.07%, up to 53.6 dollars per barrel.
"The market has experienced a lot of volatility since our last meeting," said OPEC President and Minister of Energy and Industry of the United Arab Emirates, Suhail Al Mazroui, in his opening speech to the meeting.
In this way, the attention of the oil market is now in the press conference that the ministers of OPEC and their allies will give throughout the afternoon. In it, they are expected to define the new agreement to cut the production of 'black gold' and how quotas will be divided among the main players: Saudi Arabia, Russia and Iran.