Thursday, September 29, 2022

Democrats and climate zealots have empowered our nation's enemies

Oil Rises: OPEC+ Considering A Substantial Production Cut

Tyler Durden's Photo
THURSDAY, SEP 29, 2022 - 06:54 AM

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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