OPEC, along with its Russia-led allies, is contemplating reducing oil production by up to 1 million barrels a day, according to delegates. This consideration arises amidst ongoing conflicts in the Middle East that have already strained the oil markets. Saudi Arabia supports the production cut, while some other members are against reducing quotas. If implemented, this decision is expected to drive oil prices higher and is set to be potentially announced in a virtual meeting of the cartel, which was initially scheduled for last week but postponed on tomorrow due to disagreements regarding production levels.
Source: xStation 5