OPEC+ tipped to make big cut in oil output | The Guardian Nigeria News

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Major oil-producing nations led by Saudi Arabia and Russia are expected to make this week their biggest output cut since the start of the Covid pandemic in efforts to buttress prices.

Energy prices soared after Russia invaded Ukraine earlier this year, pushing inflation to decades-high levels that have put pressure on economies across the world.

But crude prices have fallen in recent months on concerns over demand amid a slowdown in the global economy.

The 13 members of the Organization of the Petroleum Exporting Countries (OPEC), led by Riyadh, and their 10 allies headed by Moscow will hold on Wednesday their first in-person meeting at the group’s headquarters in Vienna since March 2020.

Collectively known as OPEC+, the alliance drastically slashed output by almost 10 million barrels per day in April 2020 to reverse a massive drop in crude prices caused by Covid lockdowns.

OPEC+ began to raise production last year after the market improved — output returned to pre-pandemic…



Source: Guardian Newspaper