OPEC and allied oil-producing countries, including Russia, made a small cut in their supplies to the global economy on Monday, underlining their unhappiness as recession fears help drive down crude prices, reports AP/UNB.
The decision for October rolls back a mostly symbolic increase of 100,000 barrels per day in September. It follows a statement last month from Saudi Arabia’s energy minister that the OPEC+ coalition could reduce output at any time.
Oil producers such as Saudi Arabia have resisted calls from U.S. President Joe Biden to pump more oil to lower gasoline prices and the burden on consumers. OPEC+ has stuck with only cautious increases to make up for deep cuts made during the COVID-19 pandemic, which were finally restored in August.
Since then, growing worries about slumping future demand have helped send oil prices down from June peaks of over $120 per barrel, cutting into the windfall for OPEC+ countries’ coffers but proving a blessing for drivers in the U.S. as pump prices have eased.
Bdpratidin English/Lutful Hoque
