WED, 05 OCT, 2022-theGBJournal| OPEC+ in Vienna today announced a cut in oil production of 2 million barrels a day, the deepest since the start of the COVID-19 pandemic, and an amount that could boost oil and gas prices after weeks of downward trend.
The cut, announced after the first ‘’in person’’ meeting of the organization, comes amidst soaring world energy costs.
Experts project the latest cut could push price up as high as $120 a barrel during the spring. Prices fell below $90 in September. And on Tuesday, news of the impending cut sent oil prices up by $3 a barrel.
World oil consumption is currently estimated at 100 million barrels a day
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