Oil Hikes as OPEC+ Decides on Largest Production Decline Since 2020

published:06/10/2022 06:23 GMT

Oil prices edged up after the Organization of the Petroleum Exporting Countries and its allies, including Russia, agreed an output reduction of 2 million barrels per day from November — its deepest cuts since the 2020 COVID-19 pandemic. The decision was made during OPEC+'s Joint Ministerial Monitoring Committee in-person meeting in Vienna, and could prompt a recovery in oil prices that have dropped to about US$90 from US$120 three months ago on fears of a global economic recession, rising US...More