According to rahnam news agency, quoted by Reuters, the price of oil has increased on the eve of the crucial meeting of OPEC+. The members of this group are expected to extend or increase their production cuts in the midst of increased supply relative to demand.
The price of a barrel of Brent North Sea oil today increased by 17 cents equal to 0.21% to 80 dollars and 15 cents. West Texas Intermediate crude oil is trading at 21 cents, equivalent to 0.28% increase, to $75 and 7 cents.
The OPEC+ alliance, made up of the Organization of the Petroleum Exporting Countries and its allies including Russia, will hold its ministerial meeting online on November 30 to decide on production targets for 2024.
OPEC+ postponed the meeting last week due to a dispute over production levels in African countries, but has since moved closer to an agreement. According to four OPEC+ sources, the group is likely to increase the amount of its production cuts.
High oil production by non-OPEC countries such as the United States has put pressure on oil prices.
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