According to reliable sources, the “OPEC +” group decided to cut its production by two million barrels per day at its meeting today, Wednesday.
However, it was not made clear how long the new output cut will last.
The “OPEC +” group of nations, which consists of both members of the Organization of “OPEC” and other oil-producing nations, met in Vienna today to discuss oil markets and production strategy amid concerns that a global economic downturn may reduce demand for petroleum.
Prior to this, the “Financial Times” daily reported, citing reliable sources, that Saudi Arabia, Russia, and other “OPEC +” members planned to announce major cuts to oil production levels.
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According to sources cited by the media, “OPEC +” decided to cut production by two million barrels per day.
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