OPEC+ Meetings Begin: Will There be Further Output Cuts?

OPEC+ has commenced a meeting which could lead to further production cuts, amidst declining oil prices worldwide. The decision will heavily impact oil-rich countries such as Russia and Saudi Arabia, which have already cut production levels. However, doubts have arisen on Russia’s adherence to production cuts, with Daniel Yergin from S&P Global suggesting that Russia may not have cut production as much as they claim. In addition, Saudi Arabia’s oil minister, Prince Abdulaziz bin Salman, has taken a combative stance against Wall Street speculators, who have influenced oil prices through futures trading. As the meeting progresses, analysts predict that OPEC+ may discuss reducing output by 1 million barrels per day. The outcome of the meeting will significantly impact the price of oil and the economies of countries dependent on the oil industry.