The organization decided to cut oil production by two million barrels, despite calls from the US.
OPEC+ ministers agreed to cut oil production by two million barrels a day, Reuters reported on Wednesday, October 5, citing sources in the organization.
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A potential cut in OPEC+ could trigger a recovery in oil prices, which have fallen to around $90 from $120 three months ago on fears of a global economic recession, rising US interest rates and a stronger dollar.
At the same time, the US pushed OPEC not to continue the cuts.
Experts expect that Washington will take countermeasures, which will free up additional oil reserves.
Against the backdrop of the OPEC+ decision, the price of Brent crude on the London ICE exchange rose above $93 per barrel for the first time since September 21.
It was previously reported that Russia and Saudi Arabia were discussing cutting oil production by 1-2 million barrels per day.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.