A cut in oil production is on the table when OPEC oil-producing countries meet Wednesday. opec oil kprc2 click2houston
FILE - The logo of the Organization of the Petroleoum Exporting Countries is seen outside of OPEC's headquarters in Vienna, Austria, March 3, 2022. A cut in oil production is on the table when OPEC oil-producing countries meet Wednesday, Oct. 5. The OPEC+ alliance that includes Saudi Arabia and Russia is weighing a cut of a million barrels or more.
A production cut could benefit Russia by establishing higher prices ahead of a European Union ban on most Russian oil imports, a sanction over theRussia “will need to find new buyers for its oil when the EU embargo comes into force in early December and will presumably have to make further price concessions to do so,” they wrote in an analyst note. “Higher prices beforehand — boosted by production cuts elsewhere — would therefore doubtless be very welcome.
Moscow also faces a separate push by the U.S. and the other Group of Seven wealthy democracies to impose aOil prices surged this summer as markets worried about the loss of Russian supplies from sanctions over the war in Ukraine, but they slipped asand China's COVID-19 restrictions weighed on demand for crude.
The fall in oil prices has been a boon to U.S. drivers, who saw lower gasoline prices at the pump before costs recently started ticking up, and for U.S. President Joe Biden as his Democratic Party gears up for congressional elections next month. It’s unclear how much impact a production cut would have on oil prices — and thus gasoline prices — because members are already unable to meet the quotas set by OPEC+. Yet Saudi Arabia may be unwilling to strain its relationship with Russia even if the world’s largest oil exporter had any reservations about cutbacks and has recently has drawn leaders from
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