Oil Rises: OPEC+ Considering A Substantial Production Cut
Confirming what Russia strongly hinted two days ago, oil jumped on Thursday morning before fading some gains after Reuters reported that several major producers of the OPEC+ alliance have started talks about a potential oil production cut ahead of the regular monthly OPEC+ meeting on October 5, OPEC and OPEC+ sources told Reuters on Thursday.
OPEC+ meets next Wednesday to discuss the market and fundamentals situation as oil prices have fallen below $90 per barrel, a level last seen just before the Russian invasion of Ukraine. It is "likely" that the group will agree on a cut, a source at OPEC told Reuters.
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