Producers to discuss whether to go beyond their existing deal to boost production by 400,000 barrels per day in November and December
Oil pumping jacks in an oil field at sunset in Russia. Picture: BLOOMBERG/ANDREY RUDAKOV
US West Texas Intermediate crude futures slipped 5c to $74.98 a barrel at 1.53am GMT, though the contract remained on track to post its sixth consecutive week of gains. All eyes are now on a meeting on Monday of oil cartel Opec and allies led by Russia, together known as Opec+, where producers will discuss whether to go beyond their existing deal to boost production by 400,000 barrels per day in November and December.
“The upcoming Opec+ meeting on Monday will be crucial for oil price direction next week. A production increase beyond 400,000 bpd would see some short-term relief,” ANZ Research analysts said in a note.
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