"FRANKFURT, Germany — The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.
Energy ministers cut production by a larger-than-expected 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of the COVID-19 pandemic.
The group said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.” Saudi Energy Minister Abdulaziz bin Salman stressed the group’s stated role as a guardian of stable energy markets."
David McHugh reports for the Associated Press October 5, 2022.
SEE ALSO:
"In Rebuke to West, OPEC and Russia Aim to Raise Oil Prices With Big Supply Cut" (New York Times)
"OPEC+ Agrees to Biggest Oil Production Cut Since Start of Pandemic" (Wall St. Journal)
"OPEC Move Shows the Limits of Biden’s Fist-Bump Diplomacy With the Saudis" (New York Times)
"Explainer: What Is NOPEC, The U.S. Bill To Pressure The OPEC+ Oil Group?" (Reuters)
"OPEC Oil Output Cut Fuels Dems’ Gas Price Fears" (Politico)
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