The 23-member Opec+ alliance agreed to slash its November output by 2 million barrels per day on Wednesday, Persecondnews.com gathered.
The decision was made in “light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive and pre-emptive”, Opec+ said.
The group will reduce its overall production by 2 million bpd from the August 2022 required production levels starting November 2022, Opec+ said in a statement after the group’s first in-person meeting in Vienna since March 2020.
The move is the latest effort by the oil producers’ alliance to support prices as a potential economic slowdown weighs heavily on the outlook for fuel demand.
Brent, the benchmark for two thirds of the world’s oil, was up 1.64 per cent at $93.31 per barrel at 10.08pm UAE time on Wednesday. West Texas Intermediate, the gauge that tracks US crude, was trading 1.44 per cent higher at $87.77 a barrel.
Opec and non-Opec members also decided to extend their alliance until December 31, 2023.
Leave a comment