(MENAFN- Trend News Agency)
The OPEC+ oil cartel will meet in Vienna at the ministerial
level on Oct. 5 to discuss future output strategy, according to a
statement issued by the organization, reports citing .
It's the first in-person meeting at the ministerial level for
OPEC+ since March 2020 when COVID-19 restrictions moved the meeting
Investors are awaiting the decision at next week's OPEC+
meeting, as oil prices have recently tumbled over fears of an
economic slowdown and demand contraction. Both the West Texas
Intermediate (WTI) and the Brent crude have dropped from peaks of
over 120 U.S. dollars a barrel in June to about 80 U.S. dollars a
OPEC+, which comprises the Organization of the Petroleum
Exporting Countries (OPEC) and its allies, slashed oil production
massively in 2020 when the COVID-19 pandemic hammered demand. The
group began to unwind the output cuts in July 2021 as the market
At its last ministerial meeting held virtually in early
September, OPEC+ announced a small production cut of 100,000
barrels per day for October, its first output cut in over a year,
to bolster the sliding crude prices.
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