(Bloomberg) -- Oil surged to trade near $82 a barrel on indications the OPEC+ alliance is considering slashing production by more than 1 million barrels a day to revive plunging prices when it meets this week.Most Read from BloombergCredit Suisse CEO Seeks to Calm Markets as Default Swaps ClimbTesla Deliveries Miss Estimates, Slowed by Logistic SnarlsOPEC+ to Consider Output Cut of More Than 1 Million BarrelsGet Ready for Another Bear-Market Rally, Strategist Emanuel SaysUkraine Latest: Zelenski
When BP claimed that the world has seen peak oil demand during the covid pandemic, it was proven wrong, but advancements in ICE engines have certainly brought peak oil demand closer
The Opec+ oil alliance is planning a substantial cut in production to prop up falling prices, according to people close to the discussions, as the group prepares to meet in person for the first time since March 2020. The oil group, which is led by Saudi Arabia and Russia, is expected to discuss a production cut that could total more than 1mn barrels a day at the meeting on Wednesday. The move threatens to boost oil prices at a time much of the world is fighting to bring down energy costs and could create a potential rupture with the US, where President Joe Biden has been trying to lower fuel prices for motorists ahead of crucial midterm elections next month.