OPEC+ To Meet On Wednesday To Consider Major Oil Production Cut

 

CNBC/Reuters: Oil jumps more than 4% as OPEC+ weighs biggest output cut since 2020 

Oil prices jumped by more than $3 on Monday as OPEC+ considers reducing output by more than 1 million barrels per day (bpd) to buttress prices with what would be its biggest cut since the start of the Covid-19 pandemic. 

Brent crude futures added 4%, or $3.39, to trade at $89.53 per barrel. U.S. West Texas Intermediate crude was 4.8%, or $3.8, higher at $83.26 per barrel. 

Oil prices have tumbled for four straight months since June, as Covid-19 lockdowns in top energy consumer China hurt demand while rising interest rates and a surging U.S. dollar weighed on global financial markets.  

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WNU Editor: This is about right .... Oil prices could soon return to $100 as OPEC+ considers ‘historic’ cut, analysts say (CNBC). 

 OPEC+ To Meet On Wednesday To Consider Major Oil Production Cut  

OPEC+ mulling largest cuts since 2020 crisis, sources say -- Reuters  

OPEC+ Will Consider Output Cut of More Than 1 Million Barrels -- Bloomberg  

OPEC considering cutting oil production to increase global prices: report -- The Hill  

OPEC+ may take back control of the oil market with a major output cut -- CNN