News Karnataka
Friday, March 29 2024
Cricket
Europe

Vienna: 1st in-person ministerial meeting since 2020 to be held

ministerial meeting
Photo Credit : IANS

Vienna: The OPEC+ oil cartel will meet in Vienna at the ministerial level meeting on October 5 to discuss future output strategy, according to a statement issued by the organisation.

It’s the first in-person meeting at the ministerial level for OPEC+ since March 2020 when Covid-19 restrictions moved the meeting online, Xinhua news agency reported.

Investors are awaiting the decision at next week’s OPEC+ meeting, as oil prices have recently tumbled over fears of an economic slowdown and demand contraction. Both the West Texas Intermediate (WTI) and the Brent crude have dropped from peaks of over $120 a barrel in June to about $80 a barrel.

OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and its allies, slashed oil production massively in 2020 when the Covid-19 pandemic hammered demand. The group began to unwind the output cuts in July 2021 as the market improved.

At its last ministerial meeting held virtually in early September, OPEC+ announced a small production cut of 100,000 barrels per day for October, its first output cut in over a year, to bolster the sliding crude prices.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

To get the latest news on WhatsApp