The Strategist

OPEC+ to cut production again

10/06/2022 - 12:00

Following a summit on Wednesday, OPEC+ nations agreed on new significant reductions in oil output. Starting in November, the group will lower the production level permitted by the alliance in August by two million barrels per day.

Gennadiy Kolodkin
Gennadiy Kolodkin
The choice was made despite a developing energy crisis in Europe and energy costs growing globally.

Prince Abdulaziz bin Salman, Saudi Arabia's energy minister, said during the closing press conference that although the alliance had effectively managed the coronavirus pandemic, there are new uncertainties now. As usual, OPEC+ made the decision to take the initiative in order to benefit everyone.

"Whatever steps we take now, tomorrow, or in the future, we will continue to be committed to the global economy, welfare of producers, and interests of consumers. Every now and again, we'll show you how seriously we're taking the requirements of the entire planet," he said.