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According to today's oil price network reported on September 5, crude oil prices rose by 3%
on Monday morning.
Meanwhile, the Joint Ministerial Oversight Committee (JMMC) of the OPEC+ Organization of Oil Producers began its regular monthly meeting, which will review market conditions and decide on crude oil production quotas
for October ahead of the OPEC+ ministerial meeting.
As of 7:35 a.
m.
ET on Monday, U.
S.
benchmark WTI crude futures settled at $90 a barrel, trading up 3.
11 percent at $
89.
59.
International benchmark Brent crude rose 3.
39% on the day to $
96.
20.
The JMMC meeting usually recommends
a course of action to the full OPEC+ ministerial meeting.
At today's meeting, OPEC+ is expected to keep October production quotas flat from September, although speculation in recent days about possible production cuts by the alliance has supported oil prices
on Friday and Monday morning.
In theory, the group recovered all the massive cuts since May 2020 by the end of August, but was estimated to be 2.
9 million b/d
below the collective target.
"We believe OPEC+ will keep its production target unchanged
next month.
When the market is trading close to $100/barrel, it is not reasonable
to cut production.
"Warren, head of commodity strategy at ING? Warren Patterson said
ahead of Monday's meeting.
Saxo Bank said today: "The European energy crisis has further supported gas-to-fuel activity
.
”
