Major oil-producing nations led by Saudi Arabia and Russia are expected to make this week their biggest output cut since the start of the COVID pandemic in efforts to buttress prices.
Energy prices soared after Russia invaded Ukraine earlier this year, pushing inflation to decades-high levels that have put pressure on economies across the world.
Collectively known as OPEC+, the alliance drastically slashed output by almost 10 million barrels per day in April 2020 to reverse a massive drop in crude prices caused by COVID lockdowns. "There's been plenty of rumors about how the alliance will respond to the deteriorating economic outlook and lower prices," said Craig Erlam, analyst at trading platform OANDA.
According to the UBS bank, a cut of at least 500,000 bpd would be necessary to stop the price plunge. US President Joe Biden made a controversial trip to Saudi Arabia in July in part to convince the kingdom to loosen the production taps, meeting Crown Prince Mohammed bin Salman despite his promise to make Riyadh a "pariah" following the 2018 killing of journalist Jamal Khashoggi.
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