OPEC+ agrees to cut output as 100,000 bpd

OPEC+ agreed to cut oil production about 100,000 barrels a day for the first time in over a year, according to delegates on Monday in its meeting.

It’s said that it amid fears of a global recession and more Iranian crude coming to the market in the event of a revived nuclear deal.

The move indicates how worries over an economic slowdown are dominating a global oil market that has experienced a 25 percent decrease in Brent crude prices in the last three months.

Fears of oil shortages after Russia’s war rose prices above $100 a barrel for months this year. Moreover, the market’s recent slide prompted OPEC+ to think of cutting output at its virtual meeting Monday.