Saudi Arabia eyes OPEC+ production increase – WSJ

Eren Sengezer FXStreet

According to the Wall Street Journal (WSJ), Saudi Arabia is eyeing an OPEC+ production increase ahead of the embargo and price cap on Russian oil.

An increase of up to 500,000 barrels a day is now under discussion for OPEC+’s December 4 meeting, the WSJ reported, citing delegates.

Market reaction

Crude Oil prices came under heavy bearish pressure on this headline and the barrel of West Texas Intermediate (WTI) was last seen trading at $77.20, where it was down 3.6% on a daily basis.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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