The cartel’s decision risks adding another shock to a global economy that is already battling inflation driven by high energy costs
The logo of the OPEC is pictured at the OPEC headquarters on October 4, 2022 on the eve of the 45th Meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting held on October 05, in Vienna, Austria.
Even so, the cartel’s decision risks adding another shock to a global economy that is already battling inflation driven by high energy costs. The move would also irk the US—and potentially trigger a response from Washington. President Joe Biden visited Saudi Arabia earlier this year in search of higher production and lower“OPEC wants prices around $90,” Nigerian Minister of State for Petroleum Resources Timipre Sylva said after the meeting.
“It’s very important that it remains as a technical decision and it’s not political,” he told reporters. “That’s why it’s important to look at technical side of the equation and look at any concerns regarding the economy and the status of the economy.” OPEC+ will no longer hold monthly meetings, Zamaninia said. The group’s Joint Ministerial Monitoring Committee, which oversees implementation of production cuts, will meet every two months, he said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. Shale Won’t Fill Gap If OPEC+ Cuts Oil Production | OilPrice.comThe U.S. shale industry won’t step in to fill the gap left by an OPEC+ crude oil production cut, energy executives told Reuters on Tuesday.
Read more »
The White House Is In A Panic To Stop The OPEC+ Production Cut | OilPrice.comThe White House is desperate to stop OPEC+ from cutting production targets just ahead of midterm elections, arguing a cut will worsen inflation
Read more »
Saudi Arabia, Russia To Cut 1.05 Million Bpd In November | OilPrice.comSaudi Arabia has agreed to cut its production for November by 526,000 bpd, from its current quota of 11.004 million bpd, according to data provided by OPEC following its Wednesday meeting to set new production targets.
Read more »
Why OPEC+ Is Considering A Production Cut | OilPrice.comOPEC+ appears to be on the brink of agreeing to a production cut, a move that is partly designed to protect the groups spare capacity in the long run
Read more »
Were Traders Too Quick To Dump Oil? | OilPrice.comWarnings of a worldwide recession have triggered traders to dump long positions on crude oil, but strong fundamentals and a new round of OPEC+ output cuts could make their decision look premature
Read more »