Oil alliance Opec+ wants to cut daily production
Created: 05/10/2022 17:16
The headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna.
The major oil nations of the Opec+ association will lower their production targets again from November.
© Wang Zhou/XinHua/dpa
From November onwards, the association of 23 countries will produce two million barrels (159 liters each) less per day so that prices can stabilize again.
Vienna – With a shortage of supply, the oil alliance Opec+ wants to at least stabilize the price of crude oil, which has recently fallen significantly.
From November onwards, the association of 23 countries will produce two million barrels (159 liters each) less per day, as OPEC announced on Wednesday in Vienna.
It's the biggest cut in production in a long time.
Prices have fallen by up to 30 percent since June due to fears of a global recession.
In fact, however, the reduction is less, since some states such as Nigeria, Angola and Russia are already producing less than the previous agreements allow.
The oil cartel Opec+ has a global market share of around 40 percent.