Crude futures prices closed back above $27 a barrel Friday, after three key oil ministers said they would meet Sunday to discuss prices and demand following OPEC's agreement to cut output for a third time this year, reported CBS Market Watch.
Oil ministers from Mexico, Venezuela and Saudi Arabia, the world's largest oil producer, will meet Sunday in Geneva, according to Venezuelan Oil Minister Alvaro Silva.
Silva was quoted as saying on Friday that the ministers would discuss cooperation of non-OPEC producers, such as Mexico, with the cartel's efforts to maintain oil prices within in its targeted range of $22 to $28 a barrel despite a decrease in demand caused by the global economic slowdown.
On Wednesday, the oil cartel formally agreed to cut crude oil output by one million barrels a day to 23.2 million barrels a day beginning September 1. Including the latest cut, OPEC has reduced output by a total of 3.5 million barrels per day this year - Albawaba.com
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