A key panel on Wednesday recommended that the Organization of the Petroleum Exporting Countries and its allies cut oil production by 2 million barrels a day, according to news reports. The recommendation by the Joint Ministerial Monitoring Committee comes ahead of a meeting of OPEC+ delegates in Vienna that’s slated to begin shortly. Expectations for a cut of around 2 million barrels a day have helped lift crude futures this week. West Texas Intermediate crude for November delivery on the New York Mercantile Exchange rose 0.9% to $87.31 a barrel on the New York Mercantile Exchange, while December Brent crude , the global benchmark, was up 1% at $92.72 a barrel on ICE Futures Europe.
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