Oil rises over 2% with focus on OPEC+ cuts
OPEC+, have had difficulty raising output as under-investment or maintenance delays persist from the pandemic. PHOTO: REUTERS
Oil prices jumped nearly 3% on Tuesday on the possibility OPEC+ will extend or deepen supply cuts, a storm-related drop in Kazakh oil output and a weaker US dollar.
Brent crude futures were up $2.07, or 2.6%, at $82.05 a barrel by 1801 GMT. US West Texas Intermediate (WTI) crude gained $2.02, or 2.7%, to $76.88.
Read: Little prospect of Russia oil deal
OPEC+, the Organisation of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets. The talks will be difficult and a rollover of the previous agreement is possible rather than deeper production cuts, four OPEC+ sources said. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers.
Published in The Express Tribune, November 29th, 2023.
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