Oil Rebounds After Saudis Deny WSJ Report On OPEC Production Hike Update (1205ET): Well that actually took a little longer than we expected.
An increase of up to 500,000 barrels a day is now under discussion for OPEC+’s Dec.
The move would come a day before the European Union has said it would impose an embargo on Russian oil and the Group of Seven wealthy nations’ plans to launch a price cap on Russian crude sales, potentially taking petroleum supplies off the market.
Any output increase would mark a partial reversal of a controversial decision last month to cut production by 2 million barrels a day at the most recent meeting.
Even WSJ admits it is an unusual time for OPEC+ to consider a production increase, with global oil prices falling more than 10% since the first week of November.
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