OPEC prices rise to 41.29 dollars before the OPEC+ meeting
Shafaq News / OPEC prices rose today, Thursday, to 41.29 dollars, ahead of the meeting scheduled this afternoon.
OPEC said in a statement received by Shafaq News agency, that "the price of OPEC's basket of 13 barrels of crude oil increased by 1.94 dollars, to record 38.96 dollars per barrel."
It added, "The price increased from yesterday's Wednesday, which amounted to $ 39.35, according to the OPEC secretariat."
OPEC+ will hold a video conference on Thursday to discuss the extent of commitment to the agreed production cuts and demand trends in light of the decline in oil prices and the prospects for economic recovery.
OPEC+, which includes major producers including Saudi Arabia and Russia is expected to maintain the current production cuts target of 7.7 million barrels per day, or about 8% of global demand.
They are also likely to pressure countries that didn’t implement the cuts, such as Iraq, Nigeria and the UAE, to cut more production to compensate for the reduction in excess production.