Mubasher: Oil prices increased on Monday ahead of a meeting between OPEC and the US shale firms in Houston, which would encourage oil producers to discuss further cuts to the global output.

By 9:43 am GMT, the International benchmark Brent crude went up 0.67% to $64.8 per barrel (pb), while the US West Texas Intermediate (WTI) crude grew 0.87% to $61.78 pb, Bloomberg’s data showed.

Oil ministries from OPEC and non-OPEC counties will gather in Houston as CERAWeek begins today, according to Reuters.

“OPEC and Non-OPEC alliance remain at record high compliance, but with Russia continually pressuring for an exit strategy, OPEC will look to offer an olive branch to the US shale,” head of trading for the Asia-Pacific region at futures brokerage OANDA in Singapore Stephen Innes said.

The US shale oil production rose considerably, exceeding the Saudi output, compromising OPEC’s plan to reduce the global production and increase prices, the international news agency revealed.

“The oil cartel has not discussed rolling over production cuts until next year,” the UAE’s oil minister Suhail Mohamed Al Mazrouel stated earlier.