LATEST NEWS: OPEC+ agrees to deepest cut in 2 years
by ChemOrbis Editorial Team - content@chemorbis.com
After a meeting held on October 5, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, has decided to decrease their oil output by a large amount. The recent move has marked the deepest cut in production since the 2020 COVID pandemic.
Accordingly, OPEC+ will decrease production by 2 million barrels/day, aiming to halt the decrease in oil prices amid a weakening global economy.
According to industry sources, the move might put further pressure on global economy, which has already been struggling with recession fears and higher inflation driven by energy crisis.
Accordingly, OPEC+ will decrease production by 2 million barrels/day, aiming to halt the decrease in oil prices amid a weakening global economy.
According to industry sources, the move might put further pressure on global economy, which has already been struggling with recession fears and higher inflation driven by energy crisis.
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