WhatsApp Logo Subscribe
For News Alert

News

OPEC+ to meet in Vienna Wednesday for the first time since 2020

October 1, 2022 07:58 PM


Twitter Share Facebook Share WhatsApp Share

The OPEC+ oil cartel will meet in Vienna next week for the first time since Covid curbs were introduced in 2020, the organisation said Saturday.

Wednesday's face-to-face meeting of the 13 OPEC members led by Saudi Arabia and its 10 allied members headed by Russia will be the first in the Austrian capital since the spring of 2020.

The gathering will take place as speculation grows of major output cuts in the face of recession fears affecting demand for crude.

Oil prices soared to almost $140 a barrel in March after Russia invaded Ukraine, but have since fallen to around $80 per barrel amid recession fears.

OPEC+ would meet physically twice a year in Vienna, but after the coronavirus pandemic, the cartel met every month by video link.

It had agreed to huge cuts in output in 2020 when the pandemic sent oil prices crashing, but began to increase production last year as the market improved.

 

 



Most Read

  1. Ali Zafar condemns Dr. Zakir Naik’s perspective on unmarried women to whom he called ‘Bazaari woman’ Ali Zafar condemns Dr. Zakir Naik’s perspective on unmarried women to whom he called ‘Bazaari woman’
  2. Ducky Bhai and wife Aroob Jatoi released after arrest Ducky Bhai and wife Aroob Jatoi released after arrest
  3. Dr Zakir Naik receives mixed reactions over remarks for being in Ducky Bhai's favorite persons' list Dr Zakir Naik receives mixed reactions over remarks for being in Ducky Bhai's favorite persons' list
  4. KP CM Gandapur fires his information adviser Barrister Saif KP CM Gandapur fires his information adviser Barrister Saif
  5. Shaan Shahid responds to host about marrying Reema Khan in live show Shaan Shahid responds to host about marrying Reema Khan in live show
  6. Believe it or not! PIA flight takes off two hours before scheduled time Believe it or not! PIA flight takes off two hours before scheduled time