Crude oil futures exceed $100 a barrel amid talks about OPEC cuts
Next OPEC+ ministerial meeting is slated for September 5, 2022
In the evening, 24 August 2022, Brent Crude futures were trading above $100 a barrel on the London-based ICE Futures Europe Exchange.
Brent oil exceeded $100 a barrel after Saudi Arabia suggested that OPEC could consider cutting output in response to poor liquidity in the crude futures market and fears about a global economic downturn. Brent for October settlement reached a three-week high, trading up $1.78, at $101.78 a barrel.
In August, the OPEC+ meeting approved a resolution to boost crude oil production in September by a further 100,000 barrels a day.
The next OPEC+ ministerial meeting is slated for September 5, 2022.
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