{"id":99959,"date":"2022-10-04T16:42:56","date_gmt":"2022-10-04T15:42:56","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=99959"},"modified":"2022-10-04T16:42:56","modified_gmt":"2022-10-04T15:42:56","slug":"opec-move-to-cut-oil-output-by-1mbpd","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/","title":{"rendered":"OPEC Move To Cut Oil Output By 1mbpd"},"content":{"rendered":"<div>The Organisation of Petroleum Exporting Countries(OPEC)+ would most likely cut oil output by more than one million barrels a day, according to delegates, when it meets tomorrow for the first time in more than two years.<\/div>\n<div><\/div>\n<div>A larger-than-expected reduction would reflect the scale of the producer group\u2019s concern that the global economy is slowing fast in the face of rapidly tightening monetary policy.<\/div>\n<div><\/div>\n<div>A final decision won\u2019t be made until oil ministers meet in OPEC\u2019s Vienna headquarters, the delegates said. A cut of 1 million would be the biggest since the start of the pandemic.<\/div>\n<div><\/div>\n<div>Brent crude soared above $125 a barrel following Russia\u2019s invasion of Ukraine in February but since dropped, tempering the spectacular windfall enjoyed by Saudi Arabia, Russia, the United Arab Emirates and other major producers.<\/div>\n<div><\/div>\n<div>Still, it jumped 2.6 per cent to $87.40 a barrel in Singapore on Monday as traders anticipated OPEC+\u2019s move.<\/div>\n<div><\/div>\n<div>\u201cOPEC + are very focused on stronger US interest rates and its impact on emerging-market demand,\u201d said Amrita Sen, chief oil analyst at Energy Aspects Ltd. \u201cHence, they want to pre-empt any possible surpluses\u201d in the global market.<\/div>\n<div><\/div>\n<div>A massive cut risks adding another shock to the global economy, which is already battling energy-driven inflation. The US and other countries have called for more production, with President Joe Biden visiting Saudi Arabia earlier this year in search of a new oil deal \u2013 and ultimately lower pump prices for Americans ahead of mid-term elections in November.<\/div>\n<div><\/div>\n<div>Average US gasoline prices fell rapidly after hitting a record of more than $5 a gallon in June. Yet they\u2019ve risen again in the past 10 days to around $3.80.<\/div>\n<div><\/div>\n<div>Biden is also trying to restrict the revenues that Moscow receives for oil as part of efforts to weaken Vladimir Putin\u2019s war effort. An OPEC+ reduction would probably have the opposite effect.<\/div>\n<div><\/div>\n<div>Banks, including JPMorgan Chase &amp; Co. said OPEC+ may need to lower output by least 500,000 barrels a day to stabilise prices. Helima Croft, chief commodities strategist at RBC Capital Markets, has said the group may opt for a cut twice that large.<\/div>\n<div><\/div>\n<div>\u201cI suspect that they might not want to go in person for a minor move,\u201d Croft said.<\/div>\n<div><\/div>\n<div>The relationship between Riyadh and Moscow \u2013 which underpins the 23-nation OPEC+ alliance \u2013 has survived Russia\u2019s invasion of Ukraine and shows no signs of weakening. It\u2019s not yet confirmed if Russian oil chief and Deputy Prime Minister Alexander Novak will attend the Vienna meeting in person. If he does it will send a powerful message, as well as prove awkward for Ukraine\u2019s allies in the European Union.<\/div>\n<div><\/div>\n<div>Novak was sanctioned by the US on Friday, following Russia\u2019s annexation of four regions of Ukraine, though the EU has not followed suit. Asked about his potential appearance in Vienna, the Austrian government noted he has not been sanctioned, and had no further comment.<\/div>\n<div><\/div>\n<div>The OPEC and its partners have been meeting on-line on a monthly basis and weren\u2019t expected to arrange an in-person gathering until at least the end of this year.<\/div>\n<div><\/div>\n<div>The slump in prices may have been what prompted them to change their minds.<\/div>\n<div><\/div>\n<div>\u201cOnly OPEC can wake up oil prices from their current slumber,\u201d said an analyst at energy analytics firm Kpler in Vienna, Viktor Katona.<\/p>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Organisation of Petroleum Exporting Countries(OPEC)+ would most likely cut oil output by more than one million barrels a day, according to delegates, when it meets tomorrow for the first&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":90911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-99959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>OPEC Move To Cut Oil Output By 1mbpd - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC Move To Cut Oil Output By 1mbpd - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Organisation of Petroleum Exporting Countries(OPEC)+ would most likely cut oil output by more than one million barrels a day, according to delegates, when it meets tomorrow for the first&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/\" \/>\n<meta property=\"og:site_name\" content=\"Pointblank News\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-04T15:42:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/01\/opec-640x360.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Our Reporter\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Our Reporter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/\"},\"author\":{\"name\":\"Our Reporter\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\"},\"headline\":\"OPEC Move To Cut Oil Output By 1mbpd\",\"datePublished\":\"2022-10-04T15:42:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/\"},\"wordCount\":553,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/01\/opec-640x360.jpg\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/\",\"name\":\"OPEC Move To Cut Oil Output By 1mbpd - Pointblank News\",\"isPartOf\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/01\/opec-640x360.jpg\",\"datePublished\":\"2022-10-04T15:42:56+00:00\",\"author\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\"},\"breadcrumb\":{\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#primaryimage\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/01\/opec-640x360.jpg\",\"contentUrl\":\"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/01\/opec-640x360.jpg\",\"width\":640,\"height\":360},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/pointblanknews.com\/pbn\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"OPEC Move To Cut Oil Output By 1mbpd\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#website\",\"url\":\"https:\/\/pointblanknews.com\/pbn\/\",\"name\":\"Pointblank News\",\"description\":\"Just the news\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/pointblanknews.com\/pbn\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c\",\"name\":\"Our Reporter\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g\",\"caption\":\"Our Reporter\"},\"url\":\"https:\/\/pointblanknews.com\/pbn\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"OPEC Move To Cut Oil Output By 1mbpd - Pointblank News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/","og_locale":"en_US","og_type":"article","og_title":"OPEC Move To Cut Oil Output By 1mbpd - Pointblank News","og_description":"The Organisation of Petroleum Exporting Countries(OPEC)+ would most likely cut oil output by more than one million barrels a day, according to delegates, when it meets tomorrow for the first&hellip;","og_url":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/","og_site_name":"Pointblank News","article_published_time":"2022-10-04T15:42:56+00:00","og_image":[{"width":640,"height":360,"url":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/01\/opec-640x360.jpg","type":"image\/jpeg"}],"author":"Our Reporter","twitter_misc":{"Written by":"Our Reporter","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#article","isPartOf":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/"},"author":{"name":"Our Reporter","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c"},"headline":"OPEC Move To Cut Oil Output By 1mbpd","datePublished":"2022-10-04T15:42:56+00:00","mainEntityOfPage":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/"},"wordCount":553,"commentCount":0,"image":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#primaryimage"},"thumbnailUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/01\/opec-640x360.jpg","articleSection":["News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/","url":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/","name":"OPEC Move To Cut Oil Output By 1mbpd - Pointblank News","isPartOf":{"@id":"https:\/\/pointblanknews.com\/pbn\/#website"},"primaryImageOfPage":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#primaryimage"},"image":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#primaryimage"},"thumbnailUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/01\/opec-640x360.jpg","datePublished":"2022-10-04T15:42:56+00:00","author":{"@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c"},"breadcrumb":{"@id":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#primaryimage","url":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/01\/opec-640x360.jpg","contentUrl":"https:\/\/pointblanknews.com\/pbn\/wp-content\/uploads\/2022\/01\/opec-640x360.jpg","width":640,"height":360},{"@type":"BreadcrumbList","@id":"https:\/\/pointblanknews.com\/pbn\/news\/opec-move-to-cut-oil-output-by-1mbpd\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/pointblanknews.com\/pbn\/"},{"@type":"ListItem","position":2,"name":"OPEC Move To Cut Oil Output By 1mbpd"}]},{"@type":"WebSite","@id":"https:\/\/pointblanknews.com\/pbn\/#website","url":"https:\/\/pointblanknews.com\/pbn\/","name":"Pointblank News","description":"Just the news","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/pointblanknews.com\/pbn\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/ba61acbe7e8967bcf3f3ba603d9db23c","name":"Our Reporter","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/pointblanknews.com\/pbn\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/83b3820ef93d502ae3a617b2c881ca42?s=96&d=mm&r=g","caption":"Our Reporter"},"url":"https:\/\/pointblanknews.com\/pbn\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts\/99959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/comments?post=99959"}],"version-history":[{"count":0,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/posts\/99959\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/media\/90911"}],"wp:attachment":[{"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/media?parent=99959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/categories?post=99959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pointblanknews.com\/pbn\/wp-json\/wp\/v2\/tags?post=99959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}