OPEC+ discusses cutting 1m bpd
Emergence of Omicron has created new challenge for the OPEC+ which meets this week to set policy. PHOTO: REUTERS
OPEC+ is discussing deepening oil production cuts, possibly by as much as 1 million barrels per day (bpd), three sources told Reuters as oil prices fell towards $70 per barrel.
Three OPEC+ sources said cuts were being discussed among options for Sunday, when OPEC+ ministers gather at 2pm in Vienna.
They said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd that was announced in a surprise move in April.
Western nations have accused OPEC of manipulating oil prices and undermining the global economy through high energy costs. In return, OPEC officials and insiders have said the West’s money printing over the last decade has driven inflation and forced oil-producing nations to act to maintain the value of their main export.
Published in The Express Tribune, June 4th, 2023.
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