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Oil prices ease ahead of Opec + meet

In its last meeting in September, Opec+ had trimmed production by 100,000 barrels a day for October. The reduction was marginal and did not boost prices as expected. (File Photo: AP)Premium
In its last meeting in September, Opec+ had trimmed production by 100,000 barrels a day for October. The reduction was marginal and did not boost prices as expected. (File Photo: AP)

The global energy market has been largely volatile amid tight supplies, exacerbated by geopolitical turmoil. According to agency reports, Opec and allies meet in Vienna to discuss output cuts of up to 2 million barrels per day (bpd)

NEW DELHI: Global crude oil prices eased on Wednesday after an initial surge ahead of a meeting of Opec (Organization of the Petroleum Exporting Countries) and allies to discuss production cuts amid a tight market.

At 0318pm, the December Brent contract on the Intercontinental Exchange was at $91.44 per barrel, down by 0.39% from previous close. The November contract of West Texas Intermediate (WTI) on the NYMEX fell 0.49% to $86.10 a barrel.

The global energy market has been largely volatile amid tight supplies, exacerbated by the geopolitical turmoil. According to agency reports, Opec and allies meet in Vienna to discuss output cuts of up to 2 million barrels per day (bpd). The 33rd Opec and non-Opec ministerial meeting will be the first in-person meeting of the alliance since the start of the pandemic.

The cartel is considering a major output cut in a bid to support oil prices which have largely declined since June. Prices have been subdued over the past four months due to recessionary concerns amid slow global demand and interest rate hikes by central banks.

At its last meeting in September, the grouping had trimmed production by 100,000 barrels a day for October. The reduction was marginal and did not boost prices as expected.

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