Business & Economy

OPEC+ nations agree to cut oil output by 2 mb/d, largest since pandemic

Vienna, Oct 5 (EFE).- The OPEC+ group led by Saudi Arabia and Russia on Wednesday recommended slashing oil output by two million barrels a day in a bid to push up prices.

The measure announced by the world’s top oil producing nations is to come into effect from November 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,” according to a press release.

The reduction confirmed by OPEC and its 10 partner nations, which includes Russia, Mexico and Kazakhstan, is the deepest since May 2020, when demand plummeted due to the pandemic.

Media reports on Tuesday had suggested the cartel would slash production by 1 mb/d.EFE


Related Articles

Back to top button