Oil plunges to 10-month low as Saudi Arabia ‘considers Opec+ production increase’ – business live

WSJ: Saudi Arabia eyes OPEC+ production increase

The oil price is falling sharply, on reports that Saudi Arabia is considering whether the Opec+ group should increase crude production.

According to the Wall Street Journal, an increase of up to 500,000 barrels per day is being discussed by Saudi Arabia and other OPEC oil producers.

Such a move would partly reduce the 2m barrel-per-day cut which Opec and its allies signed off in October, and has sent Brent crude to a near eight-week low.

If the cartel now lifts production, it could help heal a rift with the Biden administration and keep energy flowing

Opec members are due to meet on 4th December – a day before the European Union has said it would impose an embargo on Russian oil, and the Group of Seven wealthy nations’ plans to launch a price cap on Russian crude sales.

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Brent crude has now shed around 4% to $84.27 per barrel, a drop of over $3 per barrel, the lowest since 27 September.

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This article was written by Graeme Wearden and originally published on www.theguardian.com