According to the Wall Street Journal (WSJ), Saudi Arabia is eyeing an OPEC+ production increase ahead of the embargo and price cap on Russian oil.

An increase of up to 500,000 barrels a day is now under discussion for OPEC+’s December 4 meeting, the WSJ reported, citing delegates.

Market reaction

Crude oil prices came under heavy bearish pressure on this headline and the barrel of West Texas Intermediate (WTI) was last seen trading at $77.20, where it was down 3.6% on a daily basis.