Energy

OPEC+ to decide on oil production policy as demand concerns persist

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Oil pumping jacks, also known as “nodding donkeys”, are reflected in a puddle as they operate in an oilfield near Almetyevsk, Russia, on Sunday, Aug. 16, 2020.

Andrey Rudakov | Bloomberg via Getty Images

LONDON — A group consisting of some of the world’s most powerful oil producers on Thursday will meet to decide on the next phase of output policy.

OPEC and non-OPEC partners, a group sometimes referred to as OPEC+, convened for talks via videoconference at around 1:25 p.m. London time.

The OPEC+ alliance is currently cutting by just over 7 million barrels per day in an attempt to prop up prices and reduce oversupply. OPEC kingpin Saudi Arabia has voluntarily added an additional 1 million…



Source cnbc.com

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