Oil prices set to rise after Opec+ group agrees to larger-than-expected production cut

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Oil prices set to rise after opec+ group agrees to larger-than-expected production cut

South China Morning Post published this video item, entitled “Oil prices set to rise after Opec+ group agrees to larger-than-expected production cut” – below is their description.

Fuel may once again become more expensive after weeks of falling prices at the pumps following a decision by oil producing countries to slash production for the first time since the peak of the Covid-19 pandemic. Members of the Opec+ group said the September 5, 2022, decision to reduce supply is needed to bring about stability as oil prices fall amid slowing global demand because of inflation. Opec+ comprises Organisation of Petroleum Exporting Countries (Opec) members, along with other oil-producing nations including Russia which take part in Opec initiatives.

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The South China Morning Post (SCMP), with its Sunday edition, the Sunday Morning Post, is a Hong Kong-based English-language newspaper founded in 1903. It is Hong Kong’s newspaper of record, owned by Alibaba Group.

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