Reporters reported that WTI crude futures rose more than 2% past the $85 level today. Responding to the forecast for the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus tomorrow
As of 8:14 p.m. Thai time, the West Texas Intermediate (WTI) crude oil contract was delivered in November. It traded on the NYMEX plus $2.05, or 2.45%, to $85.68/barrel.
OPEC Plus will hold a production policy meeting on Oct. 5, with the meeting expected to agree to cut production for the second month in a row to boost oil prices in the market.
At the same time, the source said OPEC Plus will decide to cut production by more than 1 million barrels per day in November. and together with the additional voluntary production cuts by Member States It will be OPEC+’s largest production cut since 2020.
previously OPEC Plus decided to cut production by 100,000 barrels per day in October. This is the first production cut since 2020 to support oil prices in the market.
In addition, OPEC Plus increased production by 432,000 barrels per day in June. Including increasing production by 648,000 barrels per day in both July and August. before increasing production to only 100,000 barrels per day in September
Investors will also be keeping an eye on the American Petroleum Institute (API)’s release of US crude inventories today, while the U.S. Energy Information Administration (EIA) will release it tomorrow. Analysts expect US crude inventories to rise by 2 million barrels last week.