Oil prices advance 1% on reports that OPEC+ could re-evaluate production

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prices of Petroleum rose on Monday (22) recovering from recent losses, amid reports that OPEC+ could adjust plans to increase oil production if large consuming countries release oil from their reserves or if the coronavirus pandemic reduces demand.

the futures of Brent oil rose $0.81 or 1% to close at $79.70 a barrel. US crude oil (WTI) advanced $0.81 or 1% to close at $76.75 a barrel.

Brent and WTI oil prices fell more than $1 in early trading, hitting the lows since October 1st.

Japanese and Indian officials are working on ways to free up domestic crude oil reserves in conjunction with the United States and other major economies to cut prices, seven government sources with knowledge of the plans told Reuters.

The discussions took place after the government of USA failed to persuade the Organization of Petroleum Exporting Countries and allies, including the Russia, known as OPEC+, pumping more oil, with major producers arguing that the world had no shortage of oil.

The producer group agreed this month to follow through on plans to increase oil production by 400,000 barrels per day (bpd) starting in December.

Reference: CNN Brasil

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