{"id":8883,"date":"2023-11-28T12:29:50","date_gmt":"2023-11-28T12:29:50","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=8883"},"modified":"2023-11-28T12:29:50","modified_gmt":"2023-11-28T12:29:50","slug":"oil-rises-brent-tops-80-ahead-of-opec-meeting","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/8883\/","title":{"rendered":"Oil rises, Brent tops $80 ahead of OPEC+ meeting"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices rose on Tuesday as the possibility that OPEC+ will extend or deepen supply cuts was compounded by a storm-related drop in Kazakh oil output to send the Brent benchmark above $80 a barrel.<\/p>\n

OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss production targets for 2024.<\/p>\n

Brent crude futures were up 79 cents, or 1%, at $80.77 a barrel by 1131 GMT. U.S. West Texas Intermediate (WTI) crude gained 76 cents, or 1%, to $75.62.<\/p>\n

“Barring any negative surprise, the recent drop in prices will probably be viewed as a buying opportunity, especially if further cuts are agreed,” said Tamas Varga of oil broker PVM, referring to the OPEC+ meeting.<\/p>\n

The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers.<\/p>\n

The group has since moved towards a compromise, four OPEC+ sources told Reuters on Friday, potentially helping the group’s de facto leader Saudi Arabia find consensus on the need to deepen production cuts.<\/p>\n

Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output.<\/p>\n

Kazakhstan’s largest oilfields have cut their combined daily oil output by 56%.<\/p>\n

Four analysts polled by Reuters estimated that the latest round of weekly U.S. supply reports will show crude inventories fell by about 2 million barrels.<\/p>\n

The first of this week’s two reports is due at 2130 GMT from the American Petroleum Institute.<\/p>\n

Updated on