Bloomberg: OPEC+ alliance is considering cutting oil production by two million bpd.
Russia, Saudi Arabia and other countries in the OPEC+ alliance are considering cutting oil production by 2 million bpd, Bloomberg reported, citing sources.
“According to delegates, the alliance may discuss such a reduction as well as smaller reductions of 1 to 1.5 million bpd at Wednesday’s meeting,” the agency wrote.
It noted that some members of the alliance already produce far less than their quotas and could automatically meet the new limit without having to cut production.
The move could lead to higher energy costs and friction with the US as President Joe Biden tries to lower fuel prices ahead of next month’s midterm elections, the agency noted.