September Surprise: OPEC Slashes Oil Production As Prices Fall

The oil producing nations and allied producers agree Monday to cut production by 100,000 barrels a day

  • Group agreed last month to boost oil production in September by 100,000 barrels a day.
  • OPEC said group and its allies have agreed to “revert to the production level of August 2022 … for the month of October.”
  • Crude oil prices have reportedly fallen 25% in the past three months.
  • Saudi Arabia’s energy minister reportedly warned last month that OPEC+ countries could cut oil production at any time.
  • If cut increases prices of oil, gasoline in U.S., it could slow momentum of Democrats trying to win midterms on fall prices.
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