OPEC+ to study fears of a global recession

VIENNA, 5 Oct – PRIME. The OPEC+ alliance will examine concerns around the global economy, as a recession is one of the factors affecting demand, and on this basis will decide on the future of the deal, UAE Energy Minister Suheil al-Mazrui told reporters.

“It’s important to look at any concerns about the economy and the state of the economy today. Based on that, we will make the right decision,” he said.

“A recession is one of the challenges, a recession is one of the fundamental factors that we all look at, we look at a recession, we look at growth, we look at supply and demand, we all know that a recession affects supply and demand What decision – you have to wait for it,” the minister added, answering a question about the recession factor in the global economy.

OPEC+ will hold its first face-to-face meeting since 2020 in Vienna on Wednesday. On the agenda is the possibility of a new reduction in production, another interlocutor in the alliance told the agency earlier. The media wrote that a decline in production by 1 to 2 million barrels per day is being discussed. It is possible that the countries will agree not on a one-time, but a gradual reduction.

The alliance cut oil production by 9.7 million barrels per day in May 2020 due to a drop in demand caused by the pandemic. Then the terms of the agreement were repeatedly adjusted, and in August the alliance moved to the final stage of exiting its cuts.

In October, OPEC+ adheres to the August parameters, although some countries, including due to external restrictions, have still not been able to reach their allowed production levels.