Oil ministers from the producers\u0027 group are expected to make their move at a meeting in Vienna on Wednesday. Read on
A larger-than-expected reduction would reflect the scale of the producer group’s concern that the global economy is slowing fast in the face of rapidly tightening monetary policy. A final decision won’t be made until oil ministers meet in OPEC’s Vienna headquarters, the delegates said. A cut of one million would be the biggest since the start of the pandemic.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“OPEC+ are very focused on stronger U.S. interest rates and its impact on emerging-market demand,” said Amrita Sen, chief oil analyst at Energy Aspects Ltd. “Hence, they want to pre-empt any possible surpluses” in the global market. Average U.S. gasoline prices fell rapidly after hitting a record of more than US$5 a gallon in June. Yet they’ve risen again in the past 10 days to around US$3.80.Article content
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