Saudi Arabia and other OPEC members are reportedly considering production increases

Increases of up to 500K BPD at the December meeting is being discussed

Saudi Arabia and other OPEC members are reportedly considering production increases of up to 500K BPD. This is according to the Wall Street Journal citing sources. The OPEC+ meeting on December 4.

Crude oil is moving lower on the headline and has traded to a low of $77.01 so far. The low price from last week reached $77.21 before bouncing back above the $80 level.

The cycle low from the 2022 high in March reached $76.23 back on September 26.

The 2021 end of year close was at $75.35. The high reached $129.42 back on March 8.