Opec-plus alliance cuts oil production slightly

Zurich The alliance of oil exporting countries Opec plus has decided to reduce oil production minimally from October compared to the previous month. This was announced by OPEC plus after a virtual summit meeting of energy ministers on Monday.

This means that the hopes of oil importers in Europe that they will be relieved, at least in the case of crude oil, are disappearing in the face of rapidly rising gas prices. The European reference price, Brent oil, was trading at around $93 a barrel on Monday afternoon.

With their decision, the 23 energy ministers of OPEC plus are making it clear that they are opposed to a drop in oil prices well below $90. Helima Croft, Opec expert at bank RBC Capital Markets, says: “It cannot be ruled out that the Opec group will try to lower the price limit.”