There is a strong likelihood of a major decline in global oil prices next month.
According to details surfaced on Friday, reports said that Saudi Arabia is considering a cut of up to $1.5 dollars per barrel in the price of its crude oil for Asian buyers. The decision is under review in view of current market trends.
Sources indicate that oil production may rise by 137,000 barrels per day. The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) are set to hold a key meeting on 2 November to discuss production levels.
Due to a drop in Russian oil sales, the demand for Saudi crude has increased, reports added. However, the rise in demand could affect the planned price cuts.
