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OPEC+ cuts oil production by 2 million barrels per day
OPEC+ decided at the last meeting to cut oil production by 2 million barrels per day from November. The decision was taken at a recent meeting in Vienna with OPEC and non-OPEC allies.
Such a decision by OPEC+, which includes Saudi Arabia and Russia, means a major upheaval in production policy. The alliance cut production by a record 10 million barrels per day in early 2020 when demand fell due to the Covid-19 pandemic.
The November output cut is an effort to reverse that slide, despite repeated pressure from the administration of US President Joe Biden for the group to push harder to lower fuel prices ahead of midterm elections next month.
International Brent crude oil futures traded at $92.82 a barrel during afternoon deals in London on Wednesday, up about 1.1%. Meanwhile, U.S. West Texas Intermediate futures settled at $87.37, almost 1% higher.
OPEC+ will hold its next meeting on December 4.