OPEC+ agrees small oil production cut
OPEC and its allies led by Russia on Monday agreed on a small oil production cut to bolster prices that have slid on fears of an economic slowdown.
The oil producers will reduce output by 100,000 barrels per day (bpd), amounting to only 0.1% of global demand, for October and also agreed they could meet any time to adjust production before the next scheduled meeting on Oct. 5.
The decision essentially maintains the status quo as OPEC has been observing wild fluctuations in oil prices, being pulled by multiple factors in both directions.
