The Organization of the Petroleum Exporting Countries Plus, or OPEC Plus, is considering cutting its oil output by more than 1 million barrels a day, Reuters reported Monday. The move threatens to anger the US, which is angling to keep oil production high and prices low, with a view to hit Russian oil revenues.

The alliance of 23 oil-producing nations, which includes Russia, is likely to announce its decision at an October 5 meeting in Vienna, Austria.

Cuts to oil production were estimated to range between .5 million and 1 million barrels per day before the weekend, but latest estimates point to a cut of over 1 million barrels per day, Nader Itayim, a Middle East crude oil expert at Argus Media, told Insider.

This means oil prices could touch “$100 per barrel,” Viktor Katona, an energy analyst at Kpler, told Insider. That’s up from the current levels of around $87 per barrel. Oil prices were around $125 per barrel at the start of the Russia- Ukraine war, which helped prop up Russia’s oil revenues.

Share

We Are The People Rally

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla.