Saudi Arabia and other OPEC = Organization of Petroleum Exporting Countries with oil-producing countries such as Russia, OPEC-Plus announced on the 5th that it will reduce crude oil production to 2 million barrels per day from November amid growing concerns about a global economic slowdown. I decided to cut back.
At the September meeting, it was decided to cut production by 100,000 barrels per day, which will significantly increase the scale of the cut.
Tighter oil supply and demand could lead to higher energy prices.