OPEC+ recommends cutting oil output targets by 100K bpd in October

OPEC+ recommends cutting oil output targets by 100K bpd in October
# 05 September 2022 16:23 (UTC +04:00)

OPEC+ will discuss oil output cuts by 100,000 barrels per day, among other options, at its meeting on Monday, an OPEC+ source said., APA reports citing Reuters.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, known collectively as OPEC+, are expected to roll over existing policies, six OPEC+ sources said on Sunday and Monday.

However, three of the sources said the producer group could also discuss a small cut of 100,000 barrels per day (BPD).

Monday's OPEC+ meeting is set against a complex backdrop, including a potential supply boost from Iranian crude returning to the market if Tehran can revive its 2015 nuclear deal with global powers.

Russia, meanwhile, has said it will stop supplying oil to countries that support the idea of capping the price of Russian energy supplies over its military conflict in Ukraine.

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