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North Sea crude currently trades at just over $40 per barrel, a
rise of almost 50 percent from a 12-year-low seen in January but
still far below a mid-2014 peak of around $115.
An Iraqi oil official told state newspaper Al-Sabah on Wednesday
that the world's biggest oil exporters both in and outside the
Organization of the Petroleum Exporting Countries plan to meet
in Moscow on March 20 to discuss an output freeze.
The report was later denied by Russia's energy ministry, which
said no date or place had been set for a possible meeting.
"If they can agree on a production freeze I think we have seen a
bottom. If they fail, I think the oil price will drop $10 per
barrel again," DNB Markets analyst Torbjoern Kjus told an energy
conference in Oslo.
OPEC members Saudi Arabia, Qatar and Venezuela, along with
non-OPEC exporter Russia, pledged earlier this year to leave
supply at January's levels if others cooperated.
DNB Markets predicted last week that the price of North Sea
Brent crude would reach $45 in three months and $55 in six
months.
(Reporting by Henrik Stolen, editing by Terje Solsvik)
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