OPEC Meeting Concludes Reducing Oil Production – Research Snipers

OPEC Meeting Concludes Reducing Oil Production

At the OPEC Plus meeting, oil production agreed to reduce one million barrels a day, while other producing countries have also planned to cut 5 million barrels per day.

According to the British Broadcasting Agency, a reduction in oil production will take effect from next month, while other producing countries have planned a daily reduction.

On the other hand, despite the decline in production, trading oil and gas prices declined, with WTI crude oil down 10% at about $ 23 a barrel.

Brent crude oil is down 4 percent to $ 31.5 a barrel, while gas prices have dropped 3 percent.

Experts say the price reduction was due to a Mexico walkout despite the consent of Saudi Arabia. Oil prices in Pakistan, on the other hand, have not changed much as it was seen coming. Previously, advisor finance Hafiz Sheikh said that oil prices in Pakistan would reduce further in the next 3 months.

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