OPEC+ Considers Production Cut

Oct. 4, 2022

The group hopes to regain some ground after a recent short-term drop in oil prices.

Oct. 4, 2022—The oil producing group OPEC+ will consider a cut in production, against the wishes of the Biden Administration.

The New York Times reports that it would reverse trends of increased production from the group in recent years. Led by Saudi Arabia, OPEC+ hopes to bring crude prices up to $90 per barrel, the story says.

The Biden Administration has pushed for increased production in order to keep supply going and push down prices. An unstable global economy has different groups seeing different paths toward success. OPEC+ includes the production of Russia as co-chair of the group.