OPEC and non-OPEC allies, commonly referred to as OPEC+, announced a deep output cut of two million barrels per day from November. This production cut is aimed at stopping oil prices from dropping further. OPEC Secretary-General Haitham Al Ghais said the OPEC+ seeks to provide “security [and] stability to the energy markets.”
Crude oil prices could be set to hit $125 per barrel as Russia is expected to counter a G7 price-cap plan led by the United States. Dominic Schnider, head of commodities at UBS Global Wealth Management, believes this move could pull another one million barrels a day.
