OPEC+ is widely expected to stick to its latest target of reducing oil production by 2 million barrels per day (bpd) when it meets on Sunday, but some analysts believe that crude prices could fall if the group does not make further cuts. The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a group known as OPEC+, has switched its planned in-person meeting in Vienna on Dec. 4 to a virtual one, which sources in the group say signals the likelihood of it leaving policy unchanged. The group agreed in early October to cut its oil production target by 2 million bpd from November until the end of 2023.
(Bloomberg) -- Oil rose for a fourth session amid firmer risk sentiment across markets as traders looked ahead to an OPEC+ meeting that will set supply levels into 2023.Most Read from BloombergMusk’s Neuralink Hopes to Implant Computer in Human Brain in Six MonthsAn Arizona County’s Refusal to Certify Election Results Could Cost GOP a House SeatScientists Revive 48,500-Year-Old ‘Zombie Virus’ Buried in IceNew York, Singapore Are the World’s Most Expensive Cities Right NowFTX Missing Billions Rem
Oil prices rose on Thursday as the European Commission asked the 27 European Union member countries to agree on a price cap of $60 a barrel for exports of Russian crude. West Texas Intermediate, the U.S. benchmark, advanced 1.3% to $81.59 a barrel. Brent crude, the global standard, climbed 1.2% to $87.98.