The cost of contracts for delivery of Brent crude oil with execution in December rose by about 4.5% during trading, follows from the data of the Intercontinental Exchange. As of 11:30 MSC, the price peaked at $88.99 per barrel, while on Friday trading ended at $85.14 per barrel.

U.S. WTI crude was up about 4.6% to $83.14 a barrel, trading data showed.

Oil is rising in price ahead of a meeting of Russia, Saudi Arabia and other OPEC+ members to be held on October 5 at OPEC headquarters in Vienna. They are due to agree on oil production levels in November. This will be the first face-to-face meeting of the delegations in more than two years, Bloomberg writes.

According to the agency’s sources, the cartel may agree to reduce production by more than 1 million barrels per day – this could be the largest production cut since the beginning of the coronavirus pandemic. Countries are worried about a rapid slowdown in the global economy as major central banks tighten monetary policy, Bloomberg wrote.

“OPEC+ is very focused on rising rates in the U.S. and their impact on demand in emerging markets. Consequently, they want to pre-empt any possible surpluses in the global market,” Amrita Sen, senior oil analyst at research firm Energy Aspects, told Bloomberg.

However, a sharp cut in production could be another shock to the global economy, which is already suffering from higher energy prices, Bloomberg wrote.

“Only OPEC+ can wake up oil prices from their current slumber,” said Victor Katona, an analyst at research firm Kpler.