Oil prices rose by 2 percent on Friday ahead of the Organisation of Petroleum Exporting Countries and its allies, (OPEC+), meeting.
Gatekeepers News reports that at 9.40 GMT+1, Brent crude climbed 2.71 percent to $95.07 a barrel, while West Texas Intermediate crude jumped over 2 percent to $89.34 a barrel.
The OPEC+ meeting will be held on September 5, on the back of declining oil prices and falling demand, even as Saudi Arabia, the top oil producer, called for supply tightening.
Nigeria, one of Africa’s top producers, has backed Saudi’s call for output cuts. The nation’s Minister of State for Petroleum Resources, Timipre Sylva said the cut would ensure a stable oil market.
The oil cartel in August added 100,000 bpd to the market supply.
Head of commodity research at ING, Warren Patterson said the group is expected to leave production targets unchanged.
“Their own numbers show a tighter-than-expected market, and they would probably also want some more clarity on Iranian supply before making any big changes to output policy,” Patterson told Reuters.
The joint technical committee (JTC) of OPEC had said it expects a market deficit in its base case for 2023 as G7 countries plan for a potential price cap on Russian oil exports.
G7 countries are the US, UK, France, Germany, Italy, Canada, and Japan.