The OPEC+ oil cartel will meet in the Austrian capital Vienna at ministerial level on October 5 to discuss future production strategy, according to a recent statement released by the organization.
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| A refinery in Iran. |
| Photo: AFP/VNA/CVN |
This will be the first in-person ministerial-level meeting for OPEC+ since March 2020, when COVID-19 restrictions led to the meeting being held online.
At next week’s OPEC+ meeting, investors are awaiting a decision as oil prices have recently fallen on fears of an economic slowdown and shrinking demand. Both West Texas Intermediate (WTI) and Brent crude have fallen sharply after hitting highs from over $120 a barrel in June to around $80 a barrel currently.
OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, massively cut oil production in 2020 after the COVID-19 pandemic severely impacted demand. The group began rolling back production cuts in July 2021 as the market improved.
Xinhua/VNA/CVN