The newest OPEC stories have pushed oil prices higher.
OPEC+ is said to be considering easing output cuts by about 2 million barrels per day until the end of the year.
Producers are scheduled to argue whether output restrictions should be extended until the end of 2022.
As the highly-anticipated OPEC+ conference gets begun, crude oil prices are rising upward as investors respond to the most recent OPEC+ headlines. As of this writing, the barrel of West Texas Intermediate (WTI) was trading at $75.60, up about 3% on a daily basis, and was at its highest level since October 2018.
Earlier in the day, Reuters reported that OPEC+ was considering easing output cuts by roughly 400,000 barrels per day between August and December, bringing the total reduction to 2 million barrels per day by the end of the year. According to reports, Russia and Saudi Arabia have also achieved a preliminary agreement on the output strategy.
Furthermore, OPEC+ sources told Reuters that producers will discuss extending oil output restrictions until the end of 2022./n
