September Surprise: OPEC Slashes Oil Production As Prices Fall
View Source | September 5, 2022 6:15 pm
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- 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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