OPEC+ to cut oil output for first time in a year

Agencies | Moscow

The Daily Tribune – www.newsofbahrain.com

OPEC and allied oil-producing countries, including Russia, cut their supplies to the global economy by 100,000 barrels per day, underlining their unhappiness with crude prices that have sagged because of recession fears.

The decision Monday by energy ministers means the cut for October rolls back the mostly symbolic increase of the same amount in September. The move follows a statement last month from Saudi Arabia’s energy minister that the group could reduce output at any time.

The energy minsters said in a statement that the September increase was only for that month, and that the group could meet again at any time to address market developments.