Today: 22 June 2025
2 October 2022
1 min read

OPEC+ to hold first in-person ministerial meeting since 2020

It’s the first in-person meeting at the ministerial level for OPEC+ since March 2020 when Covid-19 restrictions moved the meeting online….reports Asian Lite News

The OPEC+ oil cartel will meet in Vienna at the ministerial level on October 5 to discuss future output strategy, according to a statement issued by the organisation.

It’s the first in-person meeting at the ministerial level for OPEC+ since March 2020 when Covid-19 restrictions moved the meeting online.

Investors are awaiting the decision at next week’s OPEC+ meeting, as oil prices have recently tumbled over fears of an economic slowdown and demand contraction. Both the West Texas Intermediate (WTI) and the Brent crude have dropped from peaks of over $120 a barrel in June to about $80 a barrel.

OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and its allies, slashed oil production massively in 2020 when the Covid-19 pandemic hammered demand. The group began to unwind the output cuts in July 2021 as the market improved.

At its last ministerial meeting held virtually in early September, OPEC+ announced a small production cut of 100,000 barrels per day for October, its first output cut in over a year, to bolster the sliding crude prices.

ALSO READ: OPEC Fund extends $11mn higher education loan to Chad

Previous Story

London Honours Asian Achievers

Next Story

‘Make it in the Emirates’ draws interest from US firms

Latest from -Top News

US committed great crime: Iran

Iran has now called for an emergency meeting of the UN Security Council and demanded the IAEA Board of Governors address the situation….reports Asian Lite News Iran has strongly condemned the United

Strike Iran, Face Us, Houthis warn US

The Yemen-based Houthi group, which controls much of northern Yemen, has been targeting Israel since November 2023…reports Asian Lite News Yemen’s Houthi group issued a stark warning on Sunday, declaring they would

Tehran Hits Back After US Strikes

The missiles struck several locations across central Israel. Notably, one hit Haifa without any prior warning sirens, raising alarm over possible gaps in the missile alert system….reports Asian Lite News Iran fired

Trump Dares Iran Again

This comes as Trump announced that America had bombed three nuclear sites in Iran and warned Tehran of further precision strikes…reports Asian Lite News US President Donald Trump declared that no other
Go toTop

Don't Miss

OPEC+ Agrees on Extension for Oil Output Cuts

OPEC+ is an oil-producer group comprising member countries of the

OPEC+ keeps oil output unchanged

The decision comes as oil markets wait to see how