OPEC+ meeting may consider output cut this week: report

Name: John Catsimatidis forecasts how high fuel costs will rise this winter
Uploaded: 2022-09-30T10:17:07-04:00
Duration: 2 min 41 s
Description: United Refining Company CEO John Catsimatidis tells 'Varney & Co.' there is a struggle between common sense oil prices and where oil producing nations are pushing fuel costs.

United Refining Company CEO John Catsimatidis tells 'Varney & Co.' there is a struggle between common sense oil prices and where oil producing nations are pushing fuel costs.

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John Catsimatidis forecasts how high fuel costs will rise this winter

United Refining Company CEO John Catsimatidis tells 'Varney & Co.' there is a struggle between common sense oil prices and where oil producing nations are pushing fuel costs.

OPEC+ is meeting this week to decide on production.

The group of oil producers will reportedly consider cutting output by more than 1 million barrels a day, delegates tell Bloomberg.

The meeting will take place on Wednesday in Vienna.

.A production cut would reflect the concern that the global economy is slowing fast in the face of rapidly tightening monetary policy.

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A 3D-printed oil pump jack is seen in front of the OPEC logo in this illustration picture. (REUTERS/Dado Ruvic/File Photo / Reuters Photos)

Oil prices have also been affected by the stronger dollar.

A final decision on the size of the cuts won’t be made until ministers meet, the delegates said.

Brent crude soared above $125 a barrel following Russia’s invasion of Ukraine in February.

It’s since dropped to $85, cutting into the profits that Saudi Arabia, Russia, the United Arab Emirates and other members of the coalition have enjoyed.