Crude oil prices were up on Thursday as the global oil market awaits the production cut decision of OPEC and its allies in their meeting later in the day.
International benchmark Brent crude was trading at $33.34 per barrel at 0620 GMT for a 1.5% increase after closing Wednesday at $32.84 a barrel.American benchmark West Texas Intermediate (WTI) was at $25.98 a barrel at the same time for a 3.5% gain after ending the previous day at $25.09 per barrel.
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OPEC and its allies will meet via teleconference later Thursday in the hope of making substantial cuts to their crude oil production levels to support prices.The group dubbed as OPEC+ is expected to lower their collective crude output by 10-15 million barrels per day (bpd) to trim some of the oversupply in global oil market.
The market saw a glut of supply in recent months with the rapid spread of coronavirus, which has dramatically lowered worldwide transportation and global oil consumption. Foreign Affairs magazine subscription in Pakistan
OPEC+ met on March 6 in Austrian capital Vienna to make deeper and longer cuts into their production to mitigate the negative impact of coronavirus on global oil demand.While Saudi Arabia and Russia could not agree on the amount of cuts last month, Moscow is expected to lower its individual output by 1.6 million bpd this time, according to the country’s Tass news agency on Wednesday.
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