Money & The Economy

OPEC+ Considering Massive Output Cut to Push Prices Higher

OPEC+will meet Wednesday to consider cutting production by more than one million barrels of oil per day – a move that follows another cut a month earlier.

The group, made up of mainly middle-east, African, Central Asian, and Central American countries, will consider the massive output cut to combat the severe slide in the price of oil over the past four months.

The group will have to “decide how much firepower to deploy to staunch a sum-of-all-fears macro selloff that has caused crude to slide” below pre-Russian invasion of Ukraine levels, wrote Helima Croft, head of global commodity strategy and MENA research at RBC Capital Markets said in a note Wednesday.

Crude (WTI) has dropped from a high of $122.11 on June 8 to its Friday close at $79.74 and the trend is lower due to a lack of demand due to worsening global conditions and a very strong dollar.

At the Sept. 5 meeting, the group agreed to cut production by 100,000 barrels per day. The reduction has done nothing to stall crude’s epic slide.

This proposed cut may also not yield the price hike that Russia desperately needs and other members would like to see. Cutting the supply won’t increase demand in a recession nor will it weaken the greenback.

Saudi Arabia first signaled its desire for output cuts in August when prices were still above $90/bbl.

The meeting is set to take place Oct. 5 in Vienna.

Content created by Conservative Daily News and some content syndicated through CDN is available for re-publication without charge under the Creative Commons license. Visit our syndication page for details and requirements.

Rich Mitchell

Rich Mitchell is the editor-in-chief of Conservative Daily News and the president of Bald Eagle Media, LLC. His posts may contain opinions that are his own and are not necessarily shared by Bald Eagle Media, CDN, staff or .. much of anyone else. Find him on twitter, facebook and

Published by
Rich Mitchell

Recent Posts

Here’s How The CDC Used A Backchannel With Twitter To Control The COVID-19 Narrative

Twitter set up a portal for government officials and “stakeholders” to submit posts that allegedly…

1 hour ago

Congress Won’t Reinstate The Thousands Of Troops Discharged For Violating The COVID Vaccine Mandate

Thousands of troops already discharged for refusing the COVID-19 vaccine won’t return to service after…

2 hours ago

How a Third Grade Teacher Used Competition to Fix My Son’s Reading Struggles

In September, I received a message from my third-grade son’s school that he was reading…

2 hours ago

5 Easy Steps for Improving Your Credit Score

Having a low credit score can have a detrimental effect on finances and the ability…

2 hours ago

The Left Is Melting Down Over An Election Case About To Be Heard By The Supreme Court

This week, the U.S. Supreme Court will hear a case called Moore v. Harper, and…

4 hours ago

Ol’ Saint Twit

To the MS-Media and the left, Elon is the Grinch who stole their corrupt censorship…

4 hours ago