Oil Cuts..

 

Energy market participants had expected OPEC+, which includes Saudi Arabia and Russia, to impose production cuts of somewhere between 500,000 barrels to 2 million barrels.

The move represents a major reversal in production policy for the alliance, which slashed output cuts by a record 10 million barrels per day in early 2020 when demand crashed due to the Covid-19 pandemic. 

The oil cartel has since gradually unwound those record cuts, albeit with several OPEC+ countries struggling to fulfill their quotes.

Oil prices have fallen to roughly $80 a barrel from over $120 in early June amid growing fears about the prospect of a global economic recession.

The production cut for November is an attempt to reverse this slide, despite repeated pressure from U.S. President Joe Biden’s administration for the group to pump more to lower fuel prices ahead of midterm elections next month. However less oil production is better for Global Warming. But now we want the election. Just a "Powerful" thought.