According to the delegations, the “OPEC Plus” group of oil producers will discuss cutting production by more than one million barrels per day when it meets in Vienna on Wednesday.
According to the Bloomberg news agency, the decrease will, to a greater extent than anticipated, represent the level of worry that the world economy will swiftly slow down in the face of accelerating monetary policy tightening.
The delegations further noted that prices were also impacted by the strong currency.
The size of the cuts won’t be decided in full until the ministers’ meeting.
Following the beginning of the Russian military intervention in Ukraine in February, the price of Brent crude surged beyond $125 per barrel.
The “OPEC Plus” group, made up of 23 countries, is due to meet on Wednesday at the OPEC General Secretariat’s offices in Vienna, according to a statement made yesterday, Saturday.
More than a million barrels per day of output reduction are being considered by “OPEC Plus.”
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