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Brent crude surpasses $80 prior to the OPEC+ meeting

By Rana Gharib
28 Nov,2023
Brent crude surpasses $80 prior to the OPEC+ meeting

Tuesday saw a little increase in oil prices as the likelihood that OPEC+ might prolong or intensify supply cutbacks was exacerbated by a decrease in Kazakh oil output caused by the storm, pushing the benchmark Brent oil price beyond $80 per barrel.

Brent crude advanced by 1% at $80.71 per barrel meanwhile US WTI crude added 1% to $75.60 per barrel.

To debate production objectives for 2024, OPEC is scheduled to have an online ministerial meeting on Thursday.

Four OPEC+ sources stated on Tuesday that the talks on the oil strategy for 2024 are challenging, which could lead to a rollover of the existing agreement rather than more significant output cutbacks.

The market crashed last week after OPEC+ postponed its meeting to resolve disagreements over output objectives for countries in Africa.

A weak greenback, a predicted decrease in U.S. crude stockpiles, and a dip in Kazakh output all helped to strengthen oil prices.

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