Road ahead for investors amid OPEC output cut, European energy crisis

Brent crude prices are down about 23% since this year’s peak of 123 dollars per barrel, as economists predict recession in developed economies and muted demand globally.

However, to bolster prices, the Organization of the Petroleum Exporting Countries – or OPEC – and its allies, on Monday, decided to cut production for October by 100,000 barrels per day.

The move, however, didn’t surprise domestic market watchers, who remain unperturbed by the miniscule cut.

According to VK Vijayakumar of Geojit Financial Services, OPEC + decision to cut oil output by 100,000 barrels a day is only 0.1% of global demand.