"OPEC Plus", which is made up of major oil-producing countries such as Saudi Arabia and Russia, will hold a meeting on the 5th to decide future crude oil production.
Amid growing concerns about a global economic slowdown, the meeting this time reported the possibility of a significant production cut, and the scale of that cut is likely to be the focus.
Saudi Arabia-led OPEC = OPEC Plus, which is made up of non-member oil-producing countries such as the Organization of Petroleum Exporting Countries and Russia, will hold a meeting in Vienna, Austria on the 5th.
This time, the ministers in charge will meet for the first time in about two and a half years since March 2020 to discuss crude oil production volume from next month onward.
Crude oil prices have been on a downward trend until recently due to concerns about a global economic slowdown due to rapid interest rate hikes in Europe and the United States.
Under these circumstances, overseas media such as Reuters and Bloomberg reported that production cuts were being considered at this meeting, and that a significant reduction of more than 1 million barrels per day would be discussed.
At last month's meeting, it was decided to cut production by 100,000 barrels per day to support falling crude oil prices, and the scale of the production cut is likely to be the focus this time.