(MENAFN- Trend News Agency)
The Organization of the Petroleum Exporting Countries (OPEC) and
its allies, a group known as OPEC+, on Wednesday announced a major
production cut of 2 million barrels per day (bpd) starting November
to bolster oil prices that have recently tumbled over recession
fears, reports
citing Xinhua.
The oil alliance decided to cut its overall output by 2 million
bpd from its August production targets, according to a statement
released after the 33rd OPEC and non-OPEC Ministerial Meeting.
The reduction equals around 2 percent of this year's global oil
demand, which is estimated by OPEC at around 100 million bpd.
According to the statement, the decision was made 'in light of
the uncertainty that surrounds the global economic and oil market
outlooks, and the need to enhance the long-term guidance for the
oil market, and in line with the successful approach of being
proactive, and preemptive.'
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