According to insider sources, OPEC+ is currently in discussions to further reduce oil production, potentially by an additional 1 million barrels per day (bpd). This move comes as oil prices continue to decline, nearing the $70 per barrel mark.
The discussions surrounding the production cut are among various options being considered for Sunday’s meeting, where OPEC+ ministers will convene at 2pm in Vienna.
If approved, this measure could result in a total reduction of 3.6 million bpd, including the existing 2 million bpd cuts and the voluntary 1.6 million bpd cuts announced unexpectedly in April.
Critics from Western nations have accused OPEC of manipulating oil prices and causing disruptions in the global economy due to the soaring energy costs. In response, OPEC officials and insiders have highlighted the impact of the West’s extensive money printing over the past decade, leading to inflation and necessitating actions by oil-producing nations to safeguard the value of their primary export.
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