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(The Guardian) Opec+ to cut oil production by 100,000 barrels per day
Just in: oil cartel Opec and its allies, including Russia, has decided to cut oil output by 100,000 barrels per day in October.
The Opec+ group has decided to reverse the 100,000 barrels/day increase it agreed a month ago – which was itself a snub to calls from the White House for a larger increase. The move is an attempt to support oil prices, after Brent crude dropped below $100/barrel in August, on fears that major economies were falling into recession, hitting demang for energy.
Brent has now extended its earlier gains, up 3.75% to $96.60 per barrel.
It also follows the decision by G7 countries last Friday to impose a price cap on Russian oil, to cut financial support for Russia’s invasion of Ukraine. Anouncing the move, Opec+ says The OPEC and Non-OPEC Ministerial Meeting noted the adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning.
Opec has also asked its chairman to consider calling an OPEC and non-OPEC Ministerial Meeting anytime to address any changes in the market if necessary, due to the “higher volatility and increased uncertainties”. Otherwise, the group will meet on 5th October to set production levels in November.
Opec slashed production at the start of the pandemic in 2020, but gradually began increasing output as the global economy reopened. For many months it lifted production by 400,000 bpd, whch increased to 600,000 bpd in July and August.
Just in: oil cartel Opec and its allies, including Russia, has decided to cut oil output by 100,000 barrels per day in October.
The Opec+ group has decided to reverse the 100,000 barrels/day increase it agreed a month ago – which was itself a snub to calls from the White House for a larger increase. The move is an attempt to support oil prices, after Brent crude dropped below $100/barrel in August, on fears that major economies were falling into recession, hitting demang for energy.
Brent has now extended its earlier gains, up 3.75% to $96.60 per barrel.
It also follows the decision by G7 countries last Friday to impose a price cap on Russian oil, to cut financial support for Russia’s invasion of Ukraine. Anouncing the move, Opec+ says The OPEC and Non-OPEC Ministerial Meeting noted the adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning.
Opec has also asked its chairman to consider calling an OPEC and non-OPEC Ministerial Meeting anytime to address any changes in the market if necessary, due to the “higher volatility and increased uncertainties”. Otherwise, the group will meet on 5th October to set production levels in November.
Opec slashed production at the start of the pandemic in 2020, but gradually began increasing output as the global economy reopened. For many months it lifted production by 400,000 bpd, whch increased to 600,000 bpd in July and August.
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