The Opec+ alliance of oil-exporting countries has decided to cut oil production in order to cause an increase in price. The cartel decided to cut production by two million barrels a day from November.
Opec made the decision at its first face-to-face meeting since the start of the Covid-19 pandemic, which was held in its Vienna headquarters. The group said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks”.
Saudi Energy Minister Abdulaziz bin Salman stressed the cartel’s stated role as a guardian of stable energy markets. He told reporters: “We are here to stay as a moderating force, to bring about stability."
