OPEC+ surprises energy markets with a small production cut

Source: CNBC

“A group of some of the world’s most powerful oil producers on Monday agreed on a small output cut from next month, surprising energy markets at a time of considerable turmoil. OPEC and non-OPEC partners, an influential energy alliance known as OPEC+, decided to cut production targets by about 100,000 barrels per day from October. Energy analysts had broadly expected the group to stay the course with its production policy. Last month, OPEC+ agreed to raise oil output by just 100,000 barrels per day. The minuscule boost was widely interpreted as a rebuff to U.S. President Joe Biden after his visit to Saudi Arabia to ask the OPEC kingpin to pump more to cool prices and help the global economy. … Oil prices traded sharply higher on Monday.” (09/05/22)