Oil surges over Beijing’s orders ahead of OPEC+ meeting

Oil is trading at USD 75.08 a barrel for WTI and at USD 77.70 for Brent on Thursday.
The global energy crisis impacted China’s economy, however, since China came out to express preparedness to pay top dollar to secure more supply and issued orders to energy suppliers to stock up, oil has rallied to touch a relatively high level of USD 80 per barrel on Wednesday.
However, OPEC+ has come out to say they will consider going beyond the existing deal to boost production by 400,000 barrels per day during next week’s meeting.
OPEC Sources told Reuters that the intention to boost production is an efficient measure comes as a reaction to a backdrop of oil nearing biggest high since 2018 and pressure from consumers for more supply.