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Asharq Al-Awsat

Business

Asharq Al-Awsat

OPEC+ Agrees Oil Output Cuts of 2 Mln Bpd

OPEC Oil Abdulaziz bin Salman Vienna Pandemic Saudi

Prince Abdulaziz bin Salman (C), Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia, attends a press conference of the 33rd Organization of Petroleum Exporting Countries (OPEC) and non-OPEC Ministerial Meeting at the OPEC headquarters in Vienna, Austria, 05 October 2022. (EPA)

The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices.

Energy ministers cut production by 2 million barrels per day starting in November after gathering for their first face-to-face meeting at the Vienna headquarters of the OPEC oil cartel since the start of the COVID-19 pandemic.

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