Crude oil prices have increased following a decision by a group of oil-producing countries, spearheaded by Saudi Arabia, to further reduce their production by one million barrels per day.
In anticipation of today’s Opec+ meeting, Brent crude, the global standard, has seen a 5.1% rise over the past three days, exceeding $84 per barrel.
The virtual meeting of the oil-producing nations concluded with a consensus to decrease production by at least an additional one million barrels per day starting early next year.
Saudi Arabia, which effectively leads the group, has been voluntarily reducing its output by a million barrels daily since the summer.
Given that the Opec+ alliance is responsible for over 40% of the world’s oil production, such reductions in output could significantly impact gasoline prices.
