OPEC+ Sticks To Oil Policy, Repeats Could Pause Oct Hike

Business & FinanceDeals

Reuters was first to report that a meeting of top OPEC+ ministers kept oil output policy unchanged including a plan to start unwinding output cuts from October. The oil producing group took the decision despite sharp oil price falls in recent weeks amid global demand concerns. Brent crude futures fell on the news settling down 1.6% below $80 a barrel.

Market Impact

OPEC+ is currently cutting output by a total of 5.86 million barrels per day, or about 5.7% of global demand, in a series of steps agreed since 2022 to bolster the market amid uncertainty over global demand and rising supply outside the group.