VIENNA, Oct 2 (NNN-XINHUA) – 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 organisation yesterday.
It’s the first in-person meeting, at the ministerial level for OPEC+, since Mar, 2020, when COVID-19 restrictions moved the meeting online.
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 barrel.
OPEC+, which comprises the Organisation 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 improved.
At its last ministerial meeting, held virtually in early Sept, OPEC+ announced a small production cut of 100,000 barrels per day for Oct, its first output cut in over a year, to bolster the sliding crude prices.– NNN-XINHUA
