- Jan 18, 2018
Strap in. OPEC+ (the + is Russia they move as a unit) is about to cut by 2mm bbls. This is happening just as US is trying to refill SPR and just as China is finally emerging from COVID lockdowns. $5 gas here we come.
OPEC+ mulling largest cuts since 2020 crisis, sources say
The OPEC+ group of oil producers is discussing output cuts of more than 1 million barrels per day (bpd), OPEC sources said, and voluntary cuts by individual members could come on top of that, making it their largest cut since 2020.