At a meeting in Vienna on October 5, the Organization of Petroleum Exporting States and non-OPEC+ nations will explore reducing daily fuel production by more than 1 million barrels. It is reported by Bloomberg.
JPMorgan Chase believes OPEC+ will likely need to cut oil production by at least 500,000 barrels per day to stabilize prices. Brent crude has been above $125 a barrel since Feb. 24. Since then, its value has dropped to $85.
The likely decline in fuel production will occur against the backdrop of a sharp slowdown in the international economy in the context of a rapid tightening of monetary policy. According to the delegates, the final decision on the size of the reduction in oil production will not be made before the meeting in Vienna.
Earlier it was reported that the United States listed the consequences of an attempt to set a ceiling on Russian oil prices.
