"OPEC" and "OPEC +" will hold a meeting for the first time in Vienna since March

2 October, 2022
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"OPEC" and "OPEC +" will hold a meeting for the first time in Vienna since March

The Organization of Petroleum Exporting Countries "OPEC" and its partners within the framework of the "OPEC +" alliance will hold a meeting in Vienna, next Wednesday, for the first time since March 2020 and the emergence of the Corona epidemic.


Representatives of the 13 member states of "OPEC" led by Saudi Arabia, and their ten allies led by Russia, are meeting amid rumors of deep production cuts in the face of fears of recession, and with falling demand for oil.


The price of oil has fallen sharply since the last meeting in September, reaching about $80, far from the high levels recorded last March, when a barrel of Brent oil reached $139.13 and West Texas Intermediate $130.50, with the outbreak of war in Ukraine.


 Producers used to meet twice a year in the Austrian capital before the pandemic, but since the spring of 2020, the 23 members have met each month by video link, to get better results in the face of fluctuations in demand.


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