Oil prices accelerated growth to 3%

MOSCOW, Sep 27 – PRIME. World oil prices accelerate to nearly 3% on Tuesday evening after reports surfaced of plans by a Russian delegation to propose OPEC+ cut production by as much as a million barrels a day, according to trading data.

As of 18.02 Moscow time, the price of December futures for Brent crude oil jumps by 2.84%, to $85.21 per barrel, November futures for WTI – by 2.95%, to $78.97. Minutes earlier, oil of both brands rose in price by 3%, and shortly before the release of the Reuters report, it rose by 1.5%.

“Russia will likely propose to OPEC+ to cut oil production by about 1 million barrels a day at its next meeting in October,” the agency said, citing a source “familiar with the Russian point of view.”

The OPEC + alliance, which had earlier switched to a gradual increase in total oil production, decided to reduce it again by 100,000 barrels per day, returning in October to the August terms of the agreement. At a meeting in October, the terms of the restrictions for November will be discussed.