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OPEC+ to consider oil cut of over than 1 million barrels per day
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OPEC+ to consider oil cut of over than 1 million barrels per day
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OPEC+ TO CONSIDER OIL CUT OF OVER THAN 1 MILLION BARRELS PER DAY

Published Sun, Oct 2 20228:03 PM EDT

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Key Points
 * OPEC+ will consider an oil output cut of more than a million barrels per day
   (bpd) next week, OPEC sources said on Sunday, in what would be the biggest
   move yet since the Covid-19 pandemic to address oil market weakness.
 * The meeting will take place on Oct. 5 against the backdrop of falling oil
   prices and months of severe market volatility which prompted top OPEC+
   producer, Saudi Arabia, to say the group could cut production.
 * A significant production cut is poised to anger the United States, which has
   been putting pressure on Saudi Arabia to continue pumping more to help oil
   prices soften further and reduce revenues for Russia as the West seeks to
   punish Moscow for sending troops to Ukraine.

OPEC+ will consider an oil output cut of more than a million barrels per day
(bpd) next week, OPEC sources said on Sunday.
Omar Marques | SOPA Images | LightRocket | Getty Images

OPEC+ will consider an oil output cut of more than a million barrels per day
(bpd) next week, OPEC sources said on Sunday, in what would be the biggest move
yet since the Covid-19 pandemic to address oil market weakness.

The meeting will take place on Oct. 5 against the backdrop of falling oil prices
and months of severe market volatility which prompted top OPEC+ producer, Saudi
Arabia, to say the group could cut production.


RELATED INVESTING NEWS

Energy stocks climb on reports of OPEC+ production cuts. Here’s how we’re
responding
Kevin Stankiewicz
3 hours ago


OPEC+, which combines OPEC countries and allies such as Russia, has refused to
raise output to lower oil prices despite pressure from major consumers,
including the United States, to help the global economy.

Prices have nevertheless fallen sharply in the last month due to fears about the
global economy and a rally in the U.S. dollar after the Federal Reserves raised
rates.

A significant production cut is poised to anger the United States, which has
been putting pressure on Saudi Arabia to continue pumping more to help oil
prices soften further and reduce revenues for Russia as the West seeks to punish
Moscow for sending troops to Ukraine.

The West accuses Russia of invading Ukraine, but the Kremlin calls it a special
military operation.

Saudi Arabia has not condemned Moscow’s actions amid difficult relations with
the administration of U.S. President Joe Biden.



Last week, a source familiar with the Russian thinking said Moscow would like to
see OPEC+ cutting 1 million bpd or one percent of global supply.

That would be the biggest cut since 2020 when OPEC+ reduced output by a record
10 million bpd as demand crashed due to the Covid pandemic. The group spent the
next two years unwinding those record cuts.

On Sunday, the sources said the cut could exceed 1 million bpd. One of the
sources suggested cuts could also include a voluntary additional reduction of
production by Saudi Arabia.

OPEC+ will meet in person in Vienna for the first time since March 2020.

Analysts and OPEC watchers such as UBS and JPMorgan have suggested in recent
days a cut of around 1 million bpd was on the cards and could help arrest the
price decline.

″$90 oil is non-negotiable for the OPEC+ leadership, hence they will act to
safeguard this price floor,” said Stephen Brennock of oil broker PVM.


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