Oil prices have been on the rise since mid-July, helped by Opec and non-Opec group members meeting held in the UAE to discuss ways to boost compliance with their output cutting pact and worsening situation in Venezuela as well some disappointing quarter results posted by some shale companies in the US. During the Abu Dhabi Opec meeting, the UAE, Iraq, Kazakhstan, and Malaysia all expressed their willingness to fully cooperate to achieve the goal of reaching full conformity. In addition, Saudi Arabia cut more than it needs in order to make up for countries that are underperforming.

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