Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

OPEC+ Mulling Output Cut At October 5 Meeting

Earlier in the week, it was reported that Russia could suggest a cut of up to 1 million barrels per day

Photo Credit :

1586493448_1aGRcm_2020_04_10T014649Z_1_LYNXNPEG3902E_RTROPTP_4_GLOBAL_OIL.JPG

OPEC+ members have started discussions about a possible cut in oil output at the group’s next meeting on 5 October, news agency Reuters reported citing sources.

Earlier in the week, it was reported that Russia could suggest a cut of up to 1 million barrels per day.

The report stated that while the talks of a cut in the output are gaining traction, there is no clarity on the volume of the potential cut.

Next week’s meeting becomes crucial as it comes at a time when oil prices have fallen from their multi-year highs amid volatility in commodity markets due to fears of an imminent recession hurting demand.

OPEC+ agreed to a small oil output cut of 100,000 barrels a day at its September meeting to bolster prices.


Top OPEC producer Saudi Arabia flagged in August the possibility of output cuts to address market volatility.


Tags assigned to this article: