The group will reduce production by 100,000 barrels a day next month, taking output back to August levels. In its final communique after Monday’s online conference, the cartel also highlighted that it would be willing to call another ministerial meeting at any time to address further market developments. Its next scheduled talks will be on Oct. 5.
Although the cut is “is inconsequential in volume terms, it is rather intended to send he signal that OPEC+ is back into a price-watch mode,” said Bill Farren-Price, head of macro oil and gas research at Enverus. The group may think this move “will be enough to deter any short-sellers.” Crude futures had lost 20 per cent in the past three months on fears of a global economic slowdown, imperiling the revenue windfall being enjoyed this year by the Saudis and their partners. China, the biggest oil importer, has exhibited signs of an “alarming” economic slowdown, with apparent consumption sinking 9.7 per cent in July to a two-year low amid weaker business activity and harsh COVID-19 curbs. Meanwhile, the U.S. has skirted close to recession and pursued stricter monetary policy.
Check on 's take on it.. reeks of desparation.. grammar errors 'a surprise moves that shows'.. and all. They even added OPEC +.. like you assume Russia is part of the OPEC equation BNN? 'OPEC cut', that's what the headline is. Higher Oil prices incoming...
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