OPEC says they will, “Adjust downward the overall production by 2 mb/d from the August 2022 required production levels, starting November 2022 for OPEC and non-OPEC Participating Countries”.
In this move to cut oil production, OPEC is hoping to see the price of oil increase.
This move by the twenty-three member alliance of oil producing countries to reduce production by two million barrels per day could increase crude oil prices globally.
This move will likely see increased prices for gasoline and diesel fuel as well over the winter of the price of heating oil.
The North American benchmark West Texas Intermediate is currently at $US 87.90 per barrel.
Energy experts expect prices to surge to the $100 US mark rather quickly.