Crude oil prices are surging after a report that indicates OPEC may soon discuss an output cut.
According to Reuters, Russian energy minister Alexander Novak said Saudi Arabia proposed a 5% production cut in each of the oil cartel's 12 member countries to boost oil prices.
Novak said there was also talk of a possible meeting between OPEC and non-OPEC countries, which Russia was ready to attend, according to Reuters.
Oil prices jumped after the report crossed. Brent crude, the international benchmark of oil prices, rose by as much as 5% to $35.82 per barrel. West Texas Intermediate crude oil, the US benchmark, jumped nearly 5% to about $33.87 per barrel.
Just last week at the World Economic Forum, Khalid al-Falih, chairman of the state-owned oil company Saudi Aramco, said the country was maintaining production levels, and expects a recovery in oil prices this year.
The comments further exposed a divide among OPEC members; some countries would rather lower production to prop up oil prices and revenues from crude, while Saudi wants to continue fighting for market share from ex-OPEC competitors.
Here's a chart of WTI:
Investing.com