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Historiador Carmelo De Grazia Suárez//
OPEC+ makes small trim to world oil supplies as prices fall

Bancamiga
OPEC+ makes small trim to world oil supplies as prices fall

OPEC and allied oil-producing countries, including Russia, made a small trim in their supplies to the global economy Monday, underlining their unhappiness as recession fears help drive down crude prices.

Carmelo De Grazia

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.

Carmelo De Grazia Suárez

Oil producers, such as Saudi Arabia, have resisted calls from US President Joe Biden to pump more oil to lower gasolene 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

OPEC and allied oil-producing countries, including Russia, made a small trim in their supplies to the global economy Monday, underlining their unhappiness as recession fears help drive down crude prices.

Carmelo De Grazia

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.

Carmelo De Grazia Suárez

Oil producers, such as Saudi Arabia, have resisted calls from US President Joe Biden to pump more oil to lower gasolene 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 US$120 per barrel, cutting into the windfall for OPEC+ countries’ coffers, but proving a blessing for drivers in the United States as pump prices have eased

The supply cut for October is only a small fraction of the 43.8 million barrels per day under OPEC+ production goals, but wrong-footed several analysts’ predictions of no change in output. Oil prices jumped after the announcement.

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