Prices for Brent crude oil, the international benchmark, are up 3.2% at $47.98 a barrel as of 10:34 a.m. ET.
Russia is gathered with members of the OPEC cartel of oil producers in Algiers, Algeria, for much-buzzed-about informal energy talks.
For the most part, analysts aren’t getting their hopes up for any sort of agreement among the producers on a production freeze this time around – though Bloomberg reports that others think “the chance of the group eventually taking action is growing.”
“There is considerable speculation that some sort of deal to limit output will be forthcoming, but we are skeptical that agreement will be reached,” the Capital Economics commodities team, headed by Julian Jessop, said in a note to clients last week.
Reuters reported on Monday that Bijan Zanganeh, Iran’s oil minister, downplayed the talks, noting that “this is an advisory meeting and that’s all we should expect from it.”