OPEC+ considers production cuts of more than 1 million barrels per day – Press Release

This is reported by Bloomberg the oil production group OPEC+ will consider cutting oil production by more than 1 million barrels per day (bpd).

According to that report, the OPEC+ group will meet in Vienna this week and finalize their decision. The 23-nation alliance had previously held meetings online every month.

With the global economy slowing and market volatility, the oil production cut will have a significant impact. Investment banks like JP Morgan and Chase & Co. have said that OPEC+ would have to cut production by 500,000 barrels a day to stabilize oil prices.

early September, the OPEC+ opted for a modest one 100,000 barrels-per-day supply cut while adding that the group can do more in the fourth quarter if needed.

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The OPEC statement said: “OPEC+ has the commitment, flexibility and means within the existing mechanisms of the declaration of cooperation to address these challenges and provide guidance to the market.”

After the Ukraine crisis, the price of crude oil rose to over $125 a barrel.

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