London (Archyde.com)
Sources in the Organization of the Petroleum Exporting Countries (OPEC) said that the “OPEC Plus” group of oil producers is considering making production cuts of more than one million barrels per day, and that voluntary cuts by member states might be in addition to that, making it the largest reduction in a year. 2020.
The meeting, which will discuss the cuts, will be held the day following tomorrow once morest the backdrop of low oil prices and severe market volatility. Prices fell to less than $90 a barrel following it had reached $120 in the past months due to concerns regarding the global economy and an increase in the value of the dollar following the Federal Reserve (US Central Bank) raised interest rates.
A source said, “The meeting may be as important as the 2020 meeting,” referring to the meeting in which “OPEC Plus” agreed on record supply cuts, amounting to regarding ten million barrels per day, or ten percent of global supplies, at a time when a pandemic struck. Covid-19” demand for crude.
