OPEC+ agreed to cut oil production for the first time in over a year, saying it should pull back about 100,000 barrels a day amid fears of a global recession and more Iranian crude coming to the market
OPEC+ agreed Monday to cut oil production for the first time in over a year, delegates said, saying it should pull back about 100,000 barrels a day amid fears of a global recession and more Iranian crude coming to the market in the event ofThe move shows how worries over an economic slowdown are dominating a global oil market that has experienced a 25% decline in Brent crude prices in the past three months.
, the world’s largest oil exporter. The U.S. and the West have called on OPEC+ to pump more oil to help tame rising inflation, but the group had resisted.In a statement accompanying the decision, OPEC+ said it would be ready to hold emergency meetings in the coming weeks, signaling that it would act if prices took another dive.
Many OPEC members are pumping at full tilt and couldn’t increase output even if they wanted to. For instance, Nigeria and Angola respectively pumped 643,000 barrels a day and 360,000 barrels a day below their OPEC-set quota in July. Equatorial Guinea, the Republic of Congo and Algeria also produced less than they pledged.
In July and August, the kingdom’s production averaged 10.9 million barrels a day, up from just under 10.7 million barrels a day in June, according to data provider Kpler. That is close to its highest sustained level ever of 11 million barrels a day.
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