Posted Oct 3, 2022, 6:39 AMUpdated on Oct 3, 2022 at 7:07 am
Oil prices are reversing after several weeks marked by a decline. Oil prices jumped more than 3% on Monday on Asian markets, as a drop in global production seems to be looming. The barrel of American West Texas Intermediate (WTI) gained 3.3% to 82.12 dollars. Same rise for the barrel of Brent from the North Sea, which reached 87.94 dollars.
According to Reuters, several sources within the Organization of the Petroleum Producing Countries (OPEC) have indicated that member countries and their allies are expected to discuss a production cut of more than one million barrels per day, during a meeting on Wednesday 5 October. It will be OPEC+’s first “physical” meeting since March 2020. Before the pandemic, producers met twice a year in the Austrian capital.
