complexity Organization of Petroleum Exporting Countries (OPEC) And its allies within the “OPEC +” group held a meeting on the fifth of October in Vienna, with personal attendance. The option to participate online will be available to some delegations who may not be able to travel to attend the meeting due to the short time available.
And “OPEC +”, which includes “OPEC” and independent oil producers, including Russia, meets once morest the background of a decline oil prices After hitting a multi-year high in March and sharp market volatility.
Sources told “Archyde.com” that talks on reducing oil production focus on a possible increase production cuts From 500 thousand barrels per day to one million barrels per day to support the market.
An informed source said last week that Russia may propose a production cut of up to one million barrels per day, while an OPEC source said that the size of the likely reduction is close to 500,000 barrels per day. Talks are expected to continue ahead of the meeting.
And “OPEC +” refused to increase production to reduce oil prices, despite the pressures of large consumers, including the United States, to help the global economy, which is witnessing a significant escalation in inflation levels, slowing growth and entering a cycle of recession.
Prices fell sharply this month, due to concerns regarding the global economy and the strengthening of the dollar, following the US Federal Reserve raised interest rates.
Goldman Sachs lowered its forecast for oil prices for 2023, due to the prospects of weak demand and a stronger dollar, but said that the global disappointment with supplies strengthened its expectations regarding the long-term upward trend.
(Archyde.com, The New Arab)