The major exporting countries decided on Wednesday, October 5, during a ministerial meeting in Vienna to drastically reduce their production.
The summer respite in consuming countries may be coming to an end. In any case, this is the goal sought by Saudi Arabia and its ally Russia. Since a peak crossed in August, at 104 dollars, the barrel of Brent oil had lost around 20%. In question, essentially, the slowdown in the Chinese economy and the threats of recession on the Old Continent, as well as doubts about the American economy. The price of oil had thus fallen back to pre-war levels. In February, the invasion of Ukraine by Russia, the world’s second largest oil exporter, caused a surge in prices unmatched in ten years.
This lull was not to the taste of the major exporting countries, Saudi Arabia and Russia in the lead, united in the cartel called OPEC+. The twenty-three countries of this alliance decided on Wednesday, during a ministerial meeting in Vienna, the historic headquarters of OPEC, to sharply reduce their production. They agreed to lower the number of barrels extracted…
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