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Oil Stumbles As Rally-Emboldened OPEC Mulls Even Higher Output By Investing.com

by Mike Robinson

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© Reuters.

By Barani Krishnan

Investing.com – Oil prices came off their highs on Thursday after OPEC+, presumably emboldened by the market’s runaway rally, were reported to be mulling a higher production than initially planned for coming months.

OPEC+ — comprising the 13-member Saudi-led Organization of the Petroleum Exporting Countries and a group of 10 other producers steered by Russia — is considering going beyond its existing deal to boost production by 400,000 barrels when it meets next week, sources familiar with the alliance’s thinking were reported saying. 

According to sources, this was done against the backdrop of near-three year high oil prices and consumer demand for more supply.

New York-traded crude oil, the U.S. benchmark, was at $76.07 per barrel by Thursday’s session close. It hovered around $75 as of 1:55 ET (17:55 GMT).

London-traded crude, the global benchmark for oil, spiked to $79.30 earlier in the session, before easing to $78.26.

 

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