Opec+ leader Saudi Arabia announced a cut of 2 million barrels per day of output, which translates to about 2% of the global supply. Opec+ says this was a necessary response to the rising interest rates and the weaker global economy. Meanwhile, Russia may impose a temporary production cut and has refused to sell oil to countries that capped prices.
The oil and gas industry is one to pay attention to these days. As at Oct 13, WTI crude oil prices were trading at US$87.22, while Brent crude oil prices were at US$92.55.
This is all thanks to Opec+ agreeing on Oct 5 to curb supply of oil production in an already tightly supplied market. Opec+ is a group of 23 oil-exporting countries including the 13 members of Opec.
