OPEC and Russia cut oil production due to fear of a recession

The OPEC+ alliance, led by Saudi Arabia and Russia, have agreed to reduce the official oil supply of this group of 23 countries by 100,000 barrels per day as of October 1, fearing that a slowdown in the world economy will reduce demand. of “black gold”. With this decision, sanctioned by the ministers of the OPEC+ sector in their monthly teleconference, the increase in pumping for September that had been adopted at the previous meeting, on August 3, was annulled. The ministers agreed today “to return to the production level of August 2022”, recalling that “the upward adjustment of 0.1 million barrels per day (mbd) was planned only for the month of September”, reported the Organization of Exporting Countries it’s a statement.