October 2, 2022
1 min read

OPEC+ to hold first in-person ministerial meeting since 2020

It’s the first in-person meeting at the ministerial level for OPEC+ since March 2020 when Covid-19 restrictions moved the meeting online….reports Asian Lite News

The OPEC+ oil cartel will meet in Vienna at the ministerial level on October 5 to discuss future output strategy, according to a statement issued by the organisation.

It’s the first in-person meeting at the ministerial level for OPEC+ since March 2020 when Covid-19 restrictions moved the meeting online.

Investors are awaiting the decision at next week’s OPEC+ meeting, as oil prices have recently tumbled over fears of an economic slowdown and demand contraction. Both the West Texas Intermediate (WTI) and the Brent crude have dropped from peaks of over $120 a barrel in June to about $80 a barrel.

OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and its allies, slashed oil production massively in 2020 when the Covid-19 pandemic hammered demand. The group began to unwind the output cuts in July 2021 as the market improved.

At its last ministerial meeting held virtually in early September, OPEC+ announced a small production cut of 100,000 barrels per day for October, its first output cut in over a year, to bolster the sliding crude prices.

ALSO READ: OPEC Fund extends $11mn higher education loan to Chad

Previous Story

FIFA: Qatar starts local training camp

Next Story

US, Japan, Australia vow to work against China

Latest from -Top News

India Slams BBC Over Pahalgam Coverage

Several social media users pointed out that the BBC’s headline appeared misleading, giving the impression as if “India killed the tourists.”…reports Asian Lite News India has written to a leading British public
Go toTop

Don't Miss

Oil prices surge after OPEC+ output cut

UAE among members of Organisation of Petroleum Exporting Countries (OPEC)

OPEC+ accelerates oil output hikes

Despite the production boost, the group emphasised that future adjustments