Print

Global oil prices surged over 2% on Monday, 20 November 2023 amid growing anticipation of additional supply cuts within the OPEC+ alliance. The rebound comes after a sustained four-week decline that saw crude prices plummet nearly 20% since September. Analysts suggest that the upcoming OPEC+ meeting scheduled for November 26 could bring pivotal decisions on production levels.

OPEC+, a coalition of oil-producing nations led by the Organization of the Petroleum Exporting Countries (OPEC) and key allies such as Russia, is set to convene early next week to address the current volatility in the energy markets. The potential for further production cuts has been fuelled by statements from three OPEC+ sources. 

Brent futures settled at $1.71/barrel or 2.1% higher, closing at $82.32/barrel.

WTI expired at $77.60/barrel, up $1.71/barrel, or 2.3%/barrel.