Since then, prices have dropped significantly on the back of global recession fears and lockdowns in China.
Abu Dhabi: Major oil producing states are bracing the world for the biggest cut in oil production since the pandemic, the media reported.
The OPEC oil cartel and its allies, including Russia, will reportedly consider cutting output by more than 1 million barrels per day (bpd) at a meeting in Vienna on Wednesday, CNN reported.
Oil prices climbed by as much as 4 per cent, with benchmark Brent crude futures trading at about $88.60 a barrel on Monday, on expectations that OPEC will try to regain control of prices.
Oil analysts say that if such a large cut is agreed on Wednesday, crude prices could rise significantly higher, impacting everything from the cost of gasoline at the pump to goods and services, CNN reported.
