Oil Sees Biggest Daily Jump Since July Ahead of OPEC+ Meeting

Alliance discussing a supply cut of more than 1 million b/d
Output cut could strain low inventories, boost prices

WATCH:vThe OPEC+ group of oil producers will consider cutting output by more than 1 million barrels a day, according to delegates. Stephen Stapczynski reports.Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Ilena Peng

October 2, 2022 at 10:19 PM UTC

Updated on

October 3, 2022 at 7:17 PM UTC

This article is for subscribers only.

Oil climbed more than 5% in its biggest rally since July as potential OPEC+ output cuts heighten fears of supply tightness on the horizon.

West Texas Intermediate rose to near $84 a barrel on news that the Organization of Petroleum Exporting Countries and its allies may scale back production by more than one million barrels a day, its largest reduction since the pandemic. A final decision won’t be made until ministers gather in Vienna on Wednesday.