Oil price rises as OPEC may cut oil production at its next meeting

Crude oil futures closed up more than 4% on Monday (Aug. 29), responding to forecasts that OPEC and OPEC+ groups could cut production to support oil prices in the market

  • WTI crude futures rose $3.95, or 4.2%, at $97.01 a barrel.
  • BRENT crude futures rose $4.10, or 4.1%, at $105.09 a barrel.

Saudi Arabia, OPEC’s largest oil producer, has hinted at the possibility of cutting production to support oil prices if crude oil from Iran returns to the market.

The Saudi energy minister said that OPEC+ is committed to being flexible and meeting challenges. This includes reducing oil production at any time and in different ways.

In addition, OPEC and its allies will conclude a new agreement in 2022 that builds on past experience and successes.

Investors are waiting for the OPEC+ meeting on September 5, and there is speculation that a cut in oil production could be decided at the meeting.

Crude oil has also been driven by political unrest in Libya, which could affect the country’s oil production. Last weekend, clashes erupted between militants and pro-government groups in the Libyan capital of Tripoli, killing at least 32 people and injuring many.

The Spot Market is Open

Tuesday, August 30, 2022

Energy
Updated at
USD
Price
Ounce
Change

%Change
Crude Oil
09.35

96.71

-0.30

-0.31%

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