Reuters: “OPEC +” is considering cutting oil production to stop the price collapse

29 September, 2022
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Reuters: “OPEC +” is considering cutting oil production to stop the price collapse

Senior members of the "OPEC +" alliance began discussions regarding the implementation of a reduction in oil production when the bloc meets on October 5, according to what an OPEC source told Reuters on Thursday.


A source told Reuters this week that Russia would likely suggest that "OPEC +" cut production by about one million barrels per day at the next meeting.


The meeting of the “OPEC +” alliance takes place in October against the backdrop of low oil prices and severe market volatility for months, which prompted Saudi Arabia, another major producer in “OPEC +”, to say that the organization may reduce production.


The "OPEC +" alliance, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, refused to increase production to reduce oil prices despite pressure from major consumers, including the United States, to help the global economy.

However, prices fell sharply this month on concerns about the global economy and a stronger dollar after the US Federal Reserve raised interest rates.


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