OPEC to Stick with Oil Output Cuts Despite Prices Slump

Published: Mar 23, 2023 13:37

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According to media reports, OPEC+ may stick to its original plan to cut oil production despite the collapse in crude oil prices caused by the banking meltdown.

Less than two weeks ago, Silicon Valley Bank and Signature Bank collapsed, triggering a banking crisis that spread to Europe.

The banking crisis also caused crude oil prices to plummet. International oil prices fell more than 12% last week to a 15-month low.
Russian Deputy Prime Minister Alexander Novak said on Tuesday that Russia will continue to implement the 500,000 bbl/day production cut announced last month until the end of June.

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