In an effort to boost the market, the OPEC+ group is considering lowering output by more than one million barrels per day, which would be the greatest reduction since the Corona epidemic. As a result, oil prices increased by around $4 on Monday.
The price of US West Texas Intermediate crude increased by 4.3%, or $3.39, to $82.88 per barrel, while Brent crude futures increased by $3.46, or 4.1%, to $88.60 per barrel.
Before their meeting on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are thinking of reducing their daily production by more than 1 million barrels to maintain prices, OPEC+ sources told Reuters.
After reducing output by 100,000 barrels per day last month, OPEC + will be cutting production for the second consecutive month this month.
With forecasts of a drop in global supply, oil prices increase.
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