–
–
Opep + is evaluating a drop in production of over one million bpd-sources | Photo Credits: Shutterstock
(With details and context)
DUBAI, Oct. 2 (Reuters) – Representatives of OPEC + member countries will discuss a production cut of more than 1 million barrels per day (bpd) at the October 5 meeting, several sources within the OPEC.
The aforementioned decrease is slightly higher than the estimates cited in recent days, which range from 500,000 to one million bpd.
OPEC +, which brings together members of the Organization of Petroleum Exporting Countries and many of their allies, including Russia, will meet on Wednesday in Vienna, its first “physical” meeting since March 2020.
“This is a meeting that is taking place at a very interesting time from a global perspective,” said one of the sources.
The reduction in the cartel’s production would aim to support prices, which have fallen in recent months due to fears of a slowdown in demand.
Saudi Arabia, OPEC’s de facto leader for its status as the world’s largest exporter, mentioned in August the possibility of reducing pumping to raise the price per barrel.
The price of Brent has lost more than 30% since its peak last March, shortly after the invasion of Ukraine by the Russian army. (Report Maha El Dahan and Olesya Astakhova, French version Marc Angrand)
–
–
