WTI rises more than 3% on forecasts that OPEC plans to cut oil production by 1 million barrels per day

WTI oil prices rose more than 3% this morning, boosted by forecasts that OPEC and OPEC+ countries could cut oil production by up to 1 million barrels per day at their meeting on Wednesday.

  • Brent crude futures rebounded $2.82, or 3.3%, to $87.96 a barrel.
  • WTI crude futures was at $82.09 a barrel, up $2.60, or 3.3%.

OPEC and OPEC+ will meet in Vienna on Wednesday, October 5.
It is expected that OPEC and OPEC+, which includes Russia, will cut oil production by 500,000 barrels per day to 1 million barrels per day to support the price of oil.

The source also stated that Russia could offer OPEC+ to cut oil production by up to 1 million barrels per day.

At the last OPEC+ meeting on September 6, a production cut of 100,000 barrels per day for October was agreed. This is the first production cut in more than a year.

The Sot Market is Open

Monday, October 3, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
12.00

81.59

+2.10

+2.64%

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