The countries of the oil alliance OPEC+ will cut production by 100,000 barrels per day in October to prop up oil prices. This was reported by representatives of the oil cartel OPEC and allies such as Russia and Kazakhstan.
It is the first time in a year that OPEC+ cuts production. It also reverses an earlier production increase of 100,000 barrels per day that was agreed for September. There were already rumours that OPEC+ could decide to cut production because OPEC leader Saudi Arabia had already hinted at this.
Concerns about an economic recession, weaker demand, and the corona lockdowns in China have caused oil prices to fall sharply in recent times.
Prices went up on Monday. A barrel of US oil became 3.7 percent more expensive at $ 90.03 a barrel and Brent oil, the leading oil from Europe, the Middle East and Africa, rose 3.9 percent to $ 95.65 a barrel.
OPEC+ further indicated that a new meeting could be held at any time, depending on market developments.