Oil price reacted with a 3% jump on rumors of an impending OPEC+ production cut

Oil prices jumped by 3% in a few minutes yesterday, helped by news of OPEC+'s intention to cut output by 2 mln b/d. The decision may be taken at today's meeting. This was reported by Bloomberg, citing one of its participants as a source.

The cartel and its allies are scheduled to meet today in Austria, which for the first time in two years, it was decided to hold in person. The alliance aims to keep oil prices high. According to JP Morgan's estimation, to do this, it will need to reduce production by at least 500,000 bpd. According to Bloomberg, the Alliance is guided by the reduction of 1 - 1.5 thousand b / s. The media noted that the meeting participants, who arrived in Vienna, were unwilling to share any details of the upcoming talks.