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OPEC+ ministers agree to cut production by 2M barrels per day - Fox Business
Oct 05, 2022 52 secs
Market data provided by Factset.

Lipow Oil Associates President Andy Lipow discusses the global demand for oil and rising gas prices as OPEC is set to cut production.

Ministers from Organization of the Petroleum Exporting Countries (OPEC+) on Wednesday said they would cut oil production by 2 million barrels a day in a move that is expected to raise oil prices globally, Reuters reported.

The decision comes as the White House has pushed top oil producers like Saudi Arabia – which leads the international oil cartel – not to make drastic cuts to oil production as gas prices remain high.

The OPEC+ decision could also spell trouble for the White House as midterm elections loom. .

OIL, GAS PRICES ELEVATED AHEAD OF KEY OPEC+ MEETING.

Oil prices rose slightly on Tuesday after the previous day's rally, supported by expectations of a tighter market as output talks of OPEC+ nations were called off, but concerns that members may start to increase production capped gains.  (REUTERS/Ramzi Boudina/File Photo / Reuters Photos).

Market data provided by Factset

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