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Russian shares rise after OPEC's decision to freeze oil production

September 29, 11:47 UTC+3 MOSCOW
1 pages in this article
© Sergei Bobylev/TASS

MOSCOW, September 29. /TASS/. Russian shares have risen as trading opened on Thursday following successful talks of OPEC on oil production freeze late on Wednesday.

The MICEX index rose by 1.1% to 2001,5 points as the trading opened on the Moscow stock exchange. The RTS index rose by 2.6% to 1001,04.

At 10.05 Moscow time, the price of Brent crude fell by 0.3% to $49.09 per barrel. However earlier the price of this blend rose by about 6%.

"The main news of yesterday was the announcement that at the meeting in Algeria the representatives of OPEC member countries agreed to curb volume of oil production. Against this background the price of a barrel of Brent jumped by 5.9%. At the informal meeting in Algiers on September 28 during the International Energy Forum OPEC member states managed to agree on limitation of oil production at the level of 32.5-33 mln barrels per day, despite the skepticism of the participants on the eve of that event," Vasily Karpunin, expert at BCS Express, said.

"In OPEC they plan to agree on the size of quotas for each member of the cartel. A specially established committee will deal with it. The final decision can be made on November 30 at an official meeting of OPEC. The period of freeze will also be determined later," Karpunin said.

According to him, thanks to the positive news, the MICEX index may grip on at the mark of above 2,000 points, the dollar may fall to the range of 61-62 rubles," he said.

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