Oil stakeholders in attendance differ on controlling production

Oil prices climbed 6% on Friday to 31 dollars barrel, even as as oil producing nations differed on whether to cut production.

Leaders and stakeholders in the oil sector attending the world economic forum in the Swiss resort town of Davos, resumed their debate around production cuts at the meeting.

Nigeria’s oil minister said the Organization of Petroleum Exporting Countries needs to meet soon over the matter while Saudi Arabia reiterated it won’t reverse course unless non-OPEC nations play their part in production cuts.

Officials from two non-OPEC nations speaking on the same panel, Azerbaijan and Russia, were however pessimistic a decision could be reached soon.

This, as Venezuela begs for a crisis meeting.

The current rally in oil prices was also bolstered by hopes of a fresh stimulus by major central banks, cold weather on both sides of the Atlantic and oil installations attacks in Libya.