OPEC+ is set to consider Wednesday its most drastic reduction of production since the pandemic began.
OPEC+ is set to consider Wednesday its most drastic reduction of production since the pandemic began in order to help prop up falling oil prices, a move that could put pressure on global economic growth.
The Organization of the Petroleum Exporting Countries and Moscow-led allies, collectively known as OPEC+, is considering a cut of more than 1 million barrels a day, delegates in the group said. ... OPEC+ is set to consider Wednesday its most drastic reduction of production since the pandemic began in order to help prop up falling oil prices, a move that could put pressure on global economic growth.
The Organization of the Petroleum Exporting Countries and Moscow-led allies, collectively known as OPEC+, is considering a cut of more than 1 million barrels a day, delegates in the group said.Concerns about a slowing global economy have dragged oil prices down at their fastest pace since the Covid-19 outbreak began in early 2020, prompting OPEC+ to consider ways to prop up the price of oil.
Oil prices had shot up over $100 a barrel and stayed there for months but Brent crude, the global oil benchmark, is now down 23% this quarter, falling to $87.96 a barrel last week, and its swiftest decline since 2020.Trending at WSJ.com Elon Musk unveils prototype of Tesla’s humanoid robot Optimus, says it will cost less than a car
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