It is reported that the "OPEC+" organization of oil exporting countries is planning the highest reduction in production since the beginning of the pandemic.

"APA-Economics" reports with reference to "Bloomberg" agency that it is possible that the reduction in daily production may exceed the expected 500,000-1,000,000 barrels.

The spread of the news has caused a sharp rise in oil prices since the morning hours today.

So, currently, there is a 4.4% increase in the price of "Brent" brand oil, and a 3.7% increase in the price of "WTI" brand oil.

It should be noted that the "OPEC+" meeting will be held on October 5 in Vienna.

According to "Price Futures Group" analyst Phil Flynn, a drop of more than 1 million barrels will be enough to create a certain minimum level in oil prices.

According to "OANDA Group" analyst Ed Moya, the expected decrease in oil prices in the last month has ended.

"The actors in the energy market have been pessimistic for some time due to the continuing recession news, but it can be said that the prices in the market are already in an upward direction," Moya said.

Javid Azimov