The OPEC+ group of oil producers will consider cutting output by more than 1 million barrels a day, according to delegates, when it meets in person on Wednesday for the first time in more than two years.
A larger-than-expected reduction would reflect the scale of concern that the global economy is slowing fast in the face of rapidly tightening monetary policy. A final decision on the size of the cuts won’t be made until ministers meet in Vienna, the delegates said. A cut of 1 million would be the biggest since the pandemic.
Brent crude soared above $125 a barrel following Russia’s invasion of Ukraine in February. It’s since dropped to $85, tempering the spectacular windfall enjoyed by Saudi Arabia, Russia, the United Arab Emirates and other members of the coalition.
