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Business

OPEC+ meeting may consider production cuts this week: report




OPEC+ meets this week to decide production.

The group of oil producers will reportedly consider cutting production by more than 1 million barrels a day, the delegates told Bloomberg.

The meeting takes place on Wednesday in Vienna.

.An output cut would reflect concerns that the global economy is slowing rapidly in the face of rapidly tightening monetary policy.

EXXON boss warns BIDEN ADMINISTRATION AGAINST LIMITATION OF FUEL EXPORTS

OPEC+ meeting may consider production cuts this week: report

A 3D printed oil pump jack is seen in front of the OPEC logo in this illustration. (REUTERS/Dado Ruvic/File Photo/Reuters Photos)

Oil prices have also been affected by the stronger dollar.

A final decision on the size of the cuts will not be made until ministers meet, delegates said.

Brent oil rose above 125 dollars a barrel after Russia’s invasion of Ukraine in February.

It has since fallen to $85, cutting into the surplus enjoyed by Saudi Arabia, Russia, the United Arab Emirates and other members of the coalition.

oil wells on sunset background

Silhouette of working oil pumps on sunset background (iStock/iStock)

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Oil prices fell in choppy trading on Friday, but had their first weekly gain in five on Friday.

Oil storage tanks

Storage tanks are seen at Marathon Petroleum’s Los Angeles Refinery. (REUTERS/Bing Guan/Reuters Images)

Brent crude futures traded at $87.96 a barrel.

US West Texas Intermediate (WTI) crude oil futures fell to $79.49.

Oil fell 25 percent in the quarter that ended on Friday.

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Banks, including JPMorgan Chase & Co., said OPEC+ may need to cut production by at least 500,000 barrels a day to stabilize prices.



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