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OPEC+ is considering oil production cutbacks

OPEC+ is considering oil production cutbacks

Vienna, Sept 30 (Prensa Latina) The Organization of the Petroleum Exporting Countries and its allies (OPEP+) is considering on Friday an oil cutback of about 0.5 to 1 million barrels per day (bpd).

This estimation comes prior to the meeting of this organization slated for October 5, where production cutbacks to support the market will be the main topic.

The reduction from 500,000 to 1 million bpd is being planned but could change after discussions, analysts explain.

In this sense, the OPEC+ agreed to reduce its production by 100,000 bpd at its September meeting, its first cutback since 2020.

Next week´s meeting will be held amid the fall of oil prices after the top prices reached in March and the strong volatility in the market.

On Monday, the European Brent oil reached the minimum price of 83.65 dollars per barrel in nine months.

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