The Organization of the Petroleum Exporting Countries (OPEC+) decided to reduce production next October by 100,000 barrels per day, explaining that it had returned to levels last August, according to a statement by the group on Monday.
(OPEC +) asked its president to consider inviting the group to meet at any time to address developments in the market if necessary, Zawiya said.
The alliance of (OPEC +) oil-exporting countries agreed at a previous meeting last month to increase production in September by 100,000 barrels per day, under pressure from the United States, which is facing record inflation rates.
Oil prices fell below $100 a barrel in early August, for the first time since the outbreak of the Russian-Ukrainian war, with growing fears of an imminent global recession, which will negatively affect demand rates.
The possibility of reaching a new nuclear agreement in the near future also enhances the chances of falling prices, as the agreement will include the lifting of sanctions against Iran, which will mean the return of Iranian oil to the market and an increase in supply.
And Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg last August that (OPEC +), consisting of 23 countries, may resort to reducing oil production at any time to deal with challenges.
