Meeting between OPEC and countries outside cartel should be at expert level, delegate says

A hypothetical meeting between the Organisation for Petroleum Exporting Countries and nations from outside the cartel should be at the expert level, not ministerial, and would take place in February or March, if at all, a report citing Reuters said.

Two OPEC delegates reportedly told Reuters on Friday morning that no decision had been taken about whether to call a meeting between OPEC and non-OPEC countries and that if it were then it would take place in February or March.

Earlier in the day, analysts at RBC had told clients to keep tabs on what Igor Sechin - Rosneft´s chief and a member of Russian President Vladimir Putin´s inner circle - had to say about any such meeting, as the most reliable guide to the probability of such an outcome.

"There indeed are new ties along which Saudi Arabia and Russia could negotiate a cut. However, even if conditions do seem to signal at least a more active policy debate in Moscow, the historical record on Russia-OPEC cooperation is a bit mixed."

As of 10:52 front month Brent crude futures were 0.18% higher to $33.95 per barrel on the ICE.