OPEC+ agreed on Monday to cut oil output for the first time in more than a year, delegates said, saying it must drop about 100,000 barrels a day amid fears of a global recession and more Iranian crude entering the market if nuclear power resumes . right.
The move shows how much concern about an economic downturn dominates the global oil market, which has seen Brent crude prices fall 25% in the past three months. Fears of oil shortages following Russia’s invasion of Ukraine pushed prices above $100 a barrel for several months this year, but the market’s recent slump has prompted the Moscow-led Organization of the Petroleum Exporting Countries and Allies, collectively known as OPEC+, to support a rising market. oil-state economies from Moscow to Riyadh.