A potential cut in production of 1 million bpd would send a global signal that OPEC+ wants to regain control of a market that it believes has deviated from the fundamentals of supply and demand, say analysts
Editor’s Note: A version of this story first appeared in CNN’s Meanwhile in the Middle East newsletter, a three-times-a-week look inside the region’s biggest stories. Sign up here. Major oil producing states are bracing the world for the biggest cut in oil production since the pandemic. The
+, controls more than 40% of global oil production. For years it has coordinated output policy in an attempt to ensure markets have sufficient supply at a price its members can live with. But events this year, including sanctions on Russia, and speculation about a looming global recession, have chipped away at its ability to influence the market. As recently as this summer, Western states were imploring Arab oil producers to raise output due to high oil prices, calls that were largely rebuffed.
and Middle East energy at S&P Global Commodity Insights, adding that there in consensus in
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