Tokyo — Oil prices were steady on Friday, holding gains of about 2% from the previous session on optimism that non-Opec producers might agree to cut output following a cartel agreement to limit production. Brent and US benchmarks climbed on Thursday after the former secretary-general of oil cartel Opec made comments supportive of non-member production cuts. Russia has so far said it would cut 300,000 barrels a day, meaning other non-Opec producers combined would need to pledge the same amount to lower output by the 600,000 barrels a day Opec wants — half the reduction Opec is making. "An agreement by non-Opec members to cut production is achievable, given support from Russia and a number of countries facing structural output declines," BMI Research said in a note. "However, the pace of these declines alongside technical challenges surrounding Russian production suggests the 600,000 barrel a day target will be difficult to achieve in full." London Brent crude for February delivery wa...
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