OPEC drives up the price of oil
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The producer cartel and its allies fear recession and lower prices. They reduce production.
The price of a barrel of Brent jumped Monday, in session, by more than 4.5%, to 97 dollars. At stake, the recession fears that lead OPEC and its allies to lower their quotas.
The twenty-three countries of the oil cartel, says OPEC +, decided to reduce their production in October by 100,000 barrels per day compared to September. This drop, equivalent to nearly 0.1% of global consumption, brings OPEC+ production back to August’s level. Between now and the next meeting, on October 5, the organization is also leaving the door open to new discussions. “in order to respond, if necessary, to market developments”. It entrusts its president, the Saudi Minister of Energy, Prince Abdelaziz Bin Salman al-Saud, with the task of possibly intervening to stabilize the crude markets, relates a Gulf source.
Read alsoAramco, the oil giant that provides Arabia with most of its revenue
For months, OPEC+ has been resisting pressure from Westerners to open the taps further. The United States and the EU would like…
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