Oil rises as OPEC weighs deeper output cuts

LONDON (Reuters) – Oil prices rose on Thursday ahead of an OPEC meeting where members are expected to agree on deeper output cuts in an effort to prop up prices and prevent a glut next year. Sources told Reuters that a ministerial panel of key OPEC producers and allies led by Russia recommended increasing production cuts by 500,000 barrels per day (bpd) from their current level of 1.2 million bpd. The Organization of the Petroleum Exporting Countries will meet later on Thursday in Vienna followed by a meeting on Friday with Russia and other producers, a group known as OPEC+. Brent crude futures were up 48 cents, or 0.78%, to $63.48 a barrel by 1350 GMT. Brent surged 3.6% on Wednesday. West Texas Intermediate (WTI) crude futures were up 23 cents to $58.66 a barrel, their highest since late September. The OPEC+ group has been curbing output since 2017 to counter surging production from the United States, now the world’s biggest oil producer thanks to rapid growth in shale oil output. Next year, rising production in other non-OPEC countries such as Brazil and Norway threatens to add to the glut. “We expect a constructive outcome to today’s meeting in terms… continue reading

Continue reading Oil rises as OPEC weighs deeper output cuts. This article appeared first on CTRM Center.

Source: CTRM Center

Related Posts

Leave a reply