Investors Raise Oil Awaiting Thursday’s OPEC + Production Decision By Investing.com

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© Reuters.

By Gina Lee Investing.com – Oil rose in Asia on Wednesday morning, above expectations that the Organization of the Petroleum Exporting Countries and its allies (OPEC +) will decide to increase production by the end of the week. it gained 0.74% to $ 62.88 at 9:21 PM ET (2:21 AM GMT). rose 0.15% to $ 59.84, reversing some previous losses but remaining just below the $ 60 mark. Production is widely expected to be a hot topic during the 14th OPEC ministerial meeting and outside of OPEC on 4 October. March. With a majority of member states believing that the market can absorb additional capacity, the cartel is likely to implement most of the 1.5 million barrels per day production increase that will be discussed during Thursday’s meeting. “The days when the GDP and oil demand figures were in the red due to the COVID-19 induced shock seem to be behind us,” OPEC Secretary General Mohammad Barkindo said on Tuesday. Top oil exporter and OPEC member Saudi Arabia has always made clear that its voluntary supply cuts announced earlier in the year would only last two months. The kingdom is reportedly now discussing the best way to return the barrels once the cuts start to taper off in April. However, oil shipments from other OPEC Persian Gulf producers, such as Kuwait and Iraq, increased in February, offsetting Saudi cuts. Meanwhile, it showed an accumulation of 7.356 million barrels, compared to the drop of 1.85 million barrels in the forecasts prepared by Investing.com and the accumulation of 1.026 million barrels reported during the previous week. “The unexpectedly large crude inventory buildup hit at a worrying time for the oil bulls,” Axi global market strategist Stephen Innes told Reuters. Investors wait now, which expire later in the day.

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