Brent Crude Surges to $96.17 per Barrel Amidst Production Cuts

Brent crude oil has seen a significant surge, reaching $96.17 per barrel on Thursday, according to the latest data from the Oil Price Chart.

This surge follows a recent climb to $97.24 per barrel, marking its highest point since November 2022. The increase in price can be attributed to a rise in demand combined with a noticeable reduction in the supply of crude oil.

It is worth mentioning that both Saudi Arabia and Russia have played a significant role in this surge. Both countries announced oil production cuts, which are set to continue until the end of 2023, with monthly reviews to assess the ongoing situation.

The hike in prices comes just ahead of the upcoming Organization of Petroleum Exporting Countries (OPEC) meeting, which is scheduled to take place on October 4.

Experts and market analysts within the oil and gas sector anticipate a comprehensive evaluation of market dynamics during this meeting. They expect producers to potentially reconsider supply levels and prices in light of the current situation.