Price of oil could rise immediately by $5-7 and might reach $60 per barrel quite fast if OPEC decides to optimize oil production, Venezuela’s Oil Minister Eulogio del Pino told reporters.

“Oil prices may reach the level of $60 fast. If we make the decision today – the price will rise immediately by $5-7. We see that the reaction can be quick,” he said.

Price of futures contract for Brent crude with February delivery rose by 5.8% to $50.1 per barrel in the course of a trading session on London’s ICE for the first time since October 31.

The dollar decreased by 0.51% to 64.78 rubles, the euro – by 0.54% to 68.94 rubles.

Oil price is growing against the OPEC meeting in Vienna, where ministers of oil-producing countries might adopt agreement on limiting oil production. Preliminary agreements on the issue were reached at a meeting in late September in Algeria.
Specific cases

It is necessary to spare Iran, Libya and Nigeria from the need to reduce crude oil production, del Pino stressed.

According to the minister, the three countries are a “specific case,” particularly Iran that is “recovering after the sanctions.”

He added that a separate decision will be made regarding those three states.