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Oct. 2, 2022, 4:52 p.m. EDT

OPEC+ to consider sharp production cuts to boost oil prices

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Benoit Faucon, Summer Said

OPEC+ is set to consider Wednesday its most drastic reduction of production since the pandemic began in order to help prop up falling oil prices, a move that could put pressure on global economic growth.

The Organization of the Petroleum Exporting Countries and Moscow-led allies, collectively known as OPEC+, is considering a cut of more than 1 million barrels a day, delegates in the group said.

Concerns about  a slowing global economy  have dragged oil prices down at their fastest pace since the COVID-19 outbreak began in early 2020, prompting OPEC+ to consider ways to prop up the price of oil. Any move by OPEC+ to raise oil prices could put further pressure on Western consumers already hurting from high energy costs while also helping Russia—one of the biggest energy producers in the world—fill its state coffers as it wages war against Ukraine.

Oil prices /zigman2/quotes/211629951/delayed CL.1 +0.89% had shot up over $100 a barrel and stayed there for months but Brent crude , the global oil benchmark, is now down 23% this quarter, falling to $87.96 a barrel last week, and  its swiftest decline since 2020 .

An expanded version of this report appears on WSJ.com.

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/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 72.65
+0.64 +0.89%
Volume: 8,685
Dec. 7, 2022 10:00p
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