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OPEC+ to cut oil production by 2 million barrels per day to shore up prices, defying U.S. pressure

Posted on AllSides October 5th, 2022
From The Center
Bloomberg | Getty Images

A group of some of the world’s most powerful oil producers on Wednesday agreed to impose deep output cuts, seeking to spur a recovery in crude prices despite calls from the U.S. to pump more to help the global economy.

OPEC and non-OPEC allies, a group often referred to as OPEC+, decided at their first face-to-face gathering in Vienna since 2020 to reduce production by 2 million barrels per day from November.

Energy market participants had expected OPEC+, which includes Saudi Arabia and Russia, to impose output cuts of somewhere...

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https://www.cnbc.com/2022/10/05/oil-opec-imposes-deep-production-cuts-in-a-bid-to-shore-up-prices.html

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