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  • OPEC+ to consider oil cut of over than 1 million barrels per day

    10/02/2022 5:18:50 PM PDT · by EBH · 34 replies
    Reuters ^ | 10/2/22
    DUBAI, Oct 2 (Reuters) - OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) next week, OPEC sources said on Sunday, in what would be the biggest move yet since the COVID-19 pandemic to address oil market weakness. The meeting will take place on Oct. 5 against the backdrop of falling oil prices and months of severe market volatility which prompted top OPEC+ producer, Saudi Arabia, to say the group could cut production. OPEC+, which combines OPEC countries and allies such as Russia, has refused to raise output to lower oil prices despite...