Oil prices set to lift as non-Opec states including Russia and Mexico join efforts to pump up prices

 
Francesca Washtell
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Chinese Laborers Work At An Oil Well In Hejian
Non-Opec producers haven't made a production cut agreement with the cartel for 15 years (Source: Getty)

Oil prices are expected to jump this week after 11 oil-producing countries agreed on Saturday to join the Organisation of the Petroleum Exporting Countries (Opec) in an output cut.

Kazakhstan, Russia, Mexico and Bahrain were among the non-Opec nations that agreed to reduce production by 558,000 barrels per day (bpd) for the first six months of next year.

It is presumed much of the burden from the cut will come from Russia, which co-chaired the weekend meeting in Vienna alongside Qatar's energy minister, and the head of Opec.

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The agreement with non-Opec producers is the first for 15 years and will add to a 1.2m bpd curb the 13 members of Opec agreed to on 30 November.

Brent crude and West Texas Intermediate crude prices have surged around 15 per cent since the agreement, keeping prices above the $50 a barrel mark. Brent crude briefly rose above $55 a barrel last week, the first time since July 2015.

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