OPEC+ to consider output cut of more than 1M barrels
BNN Bloomberg
OPEC+ will consider cutting oil output by more than 1 million barrels a day, according to delegates, when it meets in person on Wednesday for the first time in more than two years.
A larger-than-expected reduction would reflect the scale of the producer group’s concern that the global economy is slowing fast in the face of rapidly tightening monetary policy. A final decision won’t be made until oil ministers meet in OPEC’s Vienna headquarters, the delegates said. A cut of 1 million would be the biggest since the start of the pandemic.
Brent crude soared above US$125 a barrel following Russia’s invasion of Ukraine in February. It’s since dropped, tempering the spectacular windfall enjoyed by Saudi Arabia, Russia, the United Arab Emirates and other major producers.
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