Vienna: The OPEC+ oil cartel will meet in Vienna at the ministerial level on October 5 to discuss future output strategy, according to a statement issued by the organisation.
It’s the first in-person meeting at the ministerial level for OPEC+ since March 2020 when Covid-19 restrictions moved the meeting online, Xinhua news agency reported.
Investors are awaiting the decision at next week’s OPEC+ meeting, as oil prices have recently tumbled over fears of an economic slowdown and demand contraction. Both the West Texas Intermediate (WTI) and the Brent crude have dropped from peaks of over $120 a barrel in June to about $80 a barrel.
OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and its allies, slashed oil production massively in 2020 when the Covid-19 pandemic hammered demand. The group began to unwind the output cuts in July 2021 as the market improved.
At its last ministerial meeting held virtually in early September, OPEC+ announced a small production cut of 100,000 barrels per day for October, its first output cut in over a year, to bolster the sliding crude prices.
–IAN