Opec+ weighs fresh production cuts to rein in weak prices
Oil prices have plummeted by about 10% since the April cuts were announced, with Brent crude falling close to US$70 a barrel, a level it has not traded below since December 2021. – EPA pic, June 4, 2023.
THERE are growing signs that major oil producers led by Saudi Arabia and Russia are considering slashing production further when they meet today in a bid to prop up prices. The 13-member Organization of the Petroleum Exporting Countries is due to consult with 10 other oil-producing nations, including Russia, to review the grouping’s future output policy.
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