If ratified, would be biggest OPEC+ production cut since 2020. Read more.
The recommendation from the cartel’s Joint Ministerial Monitoring Committee will be discussed by ministers later on Wednesday before they make a final policy decision, delegates said, asking not to be named because the information is private.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
A reduction of two million barrels a day in the group’s output target, shared pro rata, would require just eight countries to reduce actual production and would deliver a real cut of only 880,000 barrels a day, according to Bloomberg calculations based on September output figures.Article content It would still be the biggest OPEC+ production cut since 2020, a move that risks adding another shock to a global economy that is already battling inflation driven by high energy costs.
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