• Skip to main content
  • Skip to header right navigation
  • Skip to site footer
Bautis Financial

Bautis Financial

Secure your Castle, Achieve your Dreams.

  • Schedule a Call
  • Podcasts
    • Agent of Wealth
    • Clear a Path
  • About
    • Our Approach
    • Our Team
    • Our Difference
  • Who We Work With
    • Individuals and Families
    • Small Business Owners
    • Retirees and Pre-Retirees
    • 401k Plan Sponsors
  • Insights
    • Blog
    • Business Valuation Advisor
    • College Planning Hub
    • Discover How
    • Learning Center
    • Risk Score
  • Client Access
    • Wealth Center
    • Orion

The OPEC+ Alliance Announce Massive Cuts to Oil Output

October 6, 2022 by Bautis Financial
The OPEC+ Alliance Announce Massive Cuts to Oil Output

The cut could drive oil and gas prices back up after weeks on a downward trend.

Yesterday, a group of major oil-producing countries known as OPEC+ agreed to reduce their collective crude oil production levels by 2 million barrels a day starting next month. This is the biggest cut since the COVID-19 shut down in April 2020.

The cut in production is set to take effect in November. OPEC+ said in a statement that the move was necessary to stabilize the recent fall in global energy prices, yet it comes at a time when much of the world is already battling soaring costs.

The move is seen as a bid by Saudi Arabia, the group’s most powerful member, to prop up prices. Right now, the international benchmark Brent crude is hovering around $93, but the price shot up above $120 a barrel during the spring — the early part of the war in Ukraine. Prices of oil have recently plunged to about $81 as concerns about a slowing global economy grew. It’s said that OPEC+ is tapping into these economic anxieties to justify the production cut.

At this time, it’s unclear how much of a price increase the supply cut would cause. The world consumes up to 100 million barrels of oil a day, so removing 2 million from the market will have a noticeable effect.

Get instructions on how to enable our Flash News Briefing skill to your Amazon devices:

Bautis Financial’s Amazon Alexa Daily Flash News Briefing
Category: Finance NewsTag: Oil, Oil news, OPEC+
Previous Post: « “Good Debt” Versus “Bad Debt” “Good Debt” Versus “Bad Debt”
Next Post: Turn Investment Losses into Tax Breaks with Tax-Loss Harvesting Tax-Loss Harvesting | Tax Time »

Subscribe to Our Insights

Sign up to receive valuable financial insight and updates straight to your inbox each week.

Social

Follow along on social media

Contact

Bautis Financial
7 North Mountain Ave
Montclair, NJ 07042
Get directions
862-205-5800
Contact

Navigation

  • Schedule a Call
  • Podcasts
    • Agent of Wealth
    • Clear a Path
  • About
    • Our Approach
    • Our Team
    • Our Difference
  • Who We Work With
    • Individuals and Families
    • Small Business Owners
    • Retirees and Pre-Retirees
    • 401k Plan Sponsors
  • Insights
    • Blog
    • Business Valuation Advisor
    • College Planning Hub
    • Discover How
    • Learning Center
    • Risk Score
  • Client Access
    • Wealth Center
    • Orion

Copyright © 2023 · Bautis Financial · All Rights Reserved · Powered by Mai Theme

Return to top