Insiders expect significantly reduced funding rates from Opec+

Opec+

Oil exploration in North Dakota.

(Photo: AFP)

Dusseldorf Oil prices rose in early trade on Monday. Most recently, a barrel (159 liters) of North Sea Brent cost $87.26. That was $2.12 more than Friday. The price of a barrel of US West Texas Intermediate (WTI) grade rose $2.04 to $81.53.

A meeting of the oil-exporting countries is planned for this Wednesday in Vienna. The group could counter an imminent downturn in demand due to the slowdown in the global economy with a harsh subsidy cut.

At the Oct. 5 meeting in Vienna, OPEC+ plans to reduce its production quotas by more than a million barrels per day (bpd), people familiar with the plans said on Sunday. That would be the biggest step since the corona pandemic. Oil prices could benefit from a supply tightening.

In addition to the countries of the Organization of Petroleum Exporting Countries (OPEC), OPEC+ also includes other producers such as Russia.

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