September 6, 2022
1 min read

OPEC+ cut oil output, prices jump

OPEC+ had “noted the adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning…reports Asian Lite News

Oil prices rose more than 3 percent on Monday as the Organisation of the Petroleum Exporting Countries and its allies agreed a small production cut to bolster prices, media reported.

The Monday meeting of the OPEC+, which includes Russia, agreed to reduce output by 100,000 barrels per day, with a statement saying “the production level was only intended for the month of September 2022.”

Brent crude futures futures for November delivery rose $3.43 to $96.45 a barrel, a 3.7 percent gain, by 9:14 a.m. EDT (1314 GMT), the Arab News reported.

OPEC+ had “noted the adverse impact of volatility and the decline in liquidity on the current oil market and the need to support the market’s stability and its efficient functioning,” Saudi Press Agency reported after the meeting.

“The Meeting noted that higher volatility and increased uncertainties require continuous assessment of market conditions and readiness to make immediate adjustment to production in different forms, if needed, and that OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms of the Declaration of Cooperation to deal with these challenges and provide guidance to the market,” it added.

According to Arab News, the OPEC+ would hold its next meeting on October 5.

Russia, the world’s second-largest oil producer and a key OPEC+ member, does not support a production cut at this time and the producer group is likely to decide to keep output steady, the Wall Street Journal reported on Sunday, citing unnamed sources.

OPEC+ agreed to increase output by 648,000 bpd in both July and August, as they fully unwind nearly 10 million bpd of cuts implemented in May 2020 to counter the COVID-19 pandemic.

ALSO READ: Abu Dhabi hosts UAE-Bulgarian biz forum

Previous Story

MBRGI sends first aid plane to Pakistan

Next Story

President MBZ visits astronaut Al Neyadi at home

Latest from -Top News

Pakistan reverses support for Trump’s Gaza peace plan

Pakistan retracts support for Trump’s Gaza peace plan, citing differences with Muslim nations’ draft; move reflects domestic sensitivities and regional alignment amid ongoing Middle East conflict diplomacy. In a surprising shift, Pakistan’s

Hamas agrees to release all hostages

Hamas agrees to release all Israeli hostages under Trump’s 20-point Gaza peace plan, backed by global powers and the UN, paving the way for regional stability. Hamas has formally agreed to release

Qatar now under US shield

Trump offers Qatar an unprecedented security guarantee, pledging US military protection amid Israeli strike and Gaza peace negotiations, reinforcing Qatar’s role in regional diplomacy. In an extraordinary move, the United States has

UAE condemns Manchester attack

UAE condemns Manchester synagogue attack; UK deploys extra police, PM Starmer vows protection for Jewish communities while emergency services respond to a shocking Yom Kippur tragedy. The United Arab Emirates has strongly
Go toTop

Don't Miss

World’s energy thirst to grow: OPEC

UAE sticks to 5 million bpd oil output goal as

‘OPEC aims to stabilise market, reduce environmental impact’

The Secretary-General noted that ‘Inclusivity’ relates to ensuring all voices