Saudi Arabia has pledged to reduce its output to 10.058 million bpd as part of an Opec deal reached on Nov 30
OPEC producers Iraq, Kuwait and the United Arab Emirates have also told buyers of their crude about planned reductions
Global commodity prices saw a dip but then started to rise after the global financial crisis
Recently, OPEC took decision to cut oil production for the first time in eight years
Initiates bilateral talks with consumers like India, China and Russia
That's more conservative than Bloomberg New Energy Finance's forecast for EVs to displace about 8 million barrels a day of demand by 2035
The market focus now shifts to the implementation and impact of Opec's first production agreement since 2008
Russian President Vladimir Putin was the mediator who played a crucial role
Large Indian traders have started covering short positions and have reduced their open interest significantly
A global crude oil price of $50-55 a barrel is comfortable for India
Crude oil prices rose more than 1% on Thursday, building on big gains made after Opec and Russia agreed to restrict production
US crude oil soared more than 9% overnight to a one-month high just shy of $50.00 a barrel
The country had previously pushed for special consideration, citing the urgency of its offensive against Islamic State
Brent crude futures for delivery in January were up $3.83, or 8.3%, while US West Texas Intermediate crude futures were $3.63 higher at $48.86 a barrel
Brent crude futures rose $2.72 on the day to $49.10 per barrel
Iran has argued it wants to raise production to regain market share lost under Western sanctions
International Brent crude oil futures were trading at $47.99 per barrel down 0.5%
In September, OPEC, agreed to cap output at around 32.5-33.0 million barrels per day
We are receiving positive signals that increase the likelihood of agreement at the meeting, says Bijan Zanganeh
The Opec said that its output rose to 33.64 million bpd last month, up 240,000 bpd from September