WTI crude futures rose more than 4 percent, breaking above $83 today. Responding to the forecast for the meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. or OPEC Plus this week
As of 7:25 p.m. Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in November. It traded on the NYMEX plus $3.64, or 4.58%, to $83.13/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.
The source stated that 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.
OPEC Plus previously agreed to cut production by 100,000 barrels per day in October. This is the first production cut since 2020 to support global oil prices.
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