- October 5, 2022
- Posted by: AliensFaith
- Category: OBJECTIVE PRESS
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Oil stocks rose on Wednesday morning after OPEC and its allies announced plans to cut production by 2 million bpd, which is effectively the biggest cut since the pandemic hit in late 2019. OPEC+ started increasing production quotas in June 2021, gradually increasing supply by an extra 400,000 b/d onto world markets every month with demand for crude beginning to recover. OPEC+ reduced its output by 100,000 barrels per day in September; however, it has never implemented an output cut that big in such a tight market, with demand remaining resilient…
