Saudi Arabia eyes OPEC+ production increase – WSJ
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According to the Wall Street Journal (WSJ), Saudi Arabia is eyeing an OPEC+ production increase ahead of the embargo and price cap on Russian oil.
An increase of up to 500,000 barrels a day is now under discussion for OPEC+’s December 4 meeting, the WSJ reported, citing delegates.
Crude oil prices came under heavy bearish pressure on this headline and the barrel of West Texas Intermediate (WTI) was last seen trading at $77.20, where it was down 3.6% on a daily basis.
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