complexity Organization of Petroleum Exporting Countries (OPEC) And his allies within the “OPEC +” group held a meeting on 5 October in Vienna, with personal participation. The ability to participate online will be available for some delegations who may not be able to travel to attend the meeting due to limited time.
And “OPEC +”, which includes “OPEC” and independent oil producers, including Russia, is meeting against the backdrop of a decline oil prices After reaching a multi-year high in March and strong market volatility.
Sources told Reuters that talks about reducing oil production focus on a possible increase production cuts From 500 thousand barrels a day to one million barrels a day to support the market.
An informed source said last week that Russia could propose a production cut of up to one million barrels per day, while an OPEC source said the magnitude of the likely reduction is close to 500,000 barrels per day. The talks should continue before the meeting.
“OPEC +” has refused to increase production to reduce oil prices, despite pressure from large consumers, including the United States, to help the global economy, which is seeing a significant escalation in inflation levels, slowing the growth and entering a cycle of recession.
Prices fell sharply this month, due to concerns about the global economy and the strengthening of the dollar after the US Federal Reserve raised interest rates.
Goldman Sachs lowered its forecast for oil prices for 2023, due to the outlook for weak demand and a stronger dollar, but said the global supply disappointment has bolstered its expectations for the upward trend. long-term.
(Reuters, The New Arab)
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