OPEC oil cut could undo global efforts to bring down price

Two million barrels a day

OPEC's decision to cut oil production could have a negative impact on global efforts to drive down the oil price, according to experts.

The intergovernmental organisation outlined plans yesterday (5 October) to try and "enhance the long-term guidance for the oil market" amid the ongoing global uncertainty. It put forward ten new "proactive and pre-emptive" initiatives, which included cutting the daily oil production by two million barrels a day, starting in November this year. Oil reserves and production have been under pressure for several months, mainly driven by Russia's invasion of Ukraine and the almost immediate banning of Russian assets, including its oil supply for which the country was a global player. Ret...