A group of some of the world's most powerful oil producers agreed on a small output cut from next month.
From October, production targets will be slashed by about 100,000 barrels per day.
Analysts had expected the group to stick to its production policy.
The organization agreed to increase oil output by 100,000 barrels per day. The tiny boost was seen as a rebuff to U.S. President Joe Biden, who went to Saudi Arabia to ask for more help in controlling prices.
The upward adjustment was only intended for the month of September and the decision to return to August levels was made because of that.
The next meeting of the group is in October.
On Monday, oil prices went up. West Texas Intermediate futures jumped 3.6% to $90 a barrel.
After hitting multi-year highs in March, oil prices have fallen. Concerns that interest rate hikes and Covid-related restrictions in parts of China could slow global economic growth have caused the decline.
Many in Europe are worried about a winter gas shortage due to the energy dispute between Russia and the West.
If Tehran can get a renewed version of the nuclear deal, market participants are keeping a close eye on the situation.
The price of European gas went up more than 25% on Monday after Russia said it wouldn't reopen its main gas line to Europe.
There was an oil leak in the turbine. The Nord Stream 1 line was scheduled to reopen on Saturday after three days of repairs.
The Group of Seven economic powers backed a plan to implement a price-capping mechanism on Russian oil exports.
The OPEC+ announcement comes amid a bitter energy dispute between Russia and the West.The G-7 initiative is meant to deplete the ability of Putin to fund the war in Ukraine. Russia will no longer sell oil to countries that impose price caps on Russian energy exports.
EU policymakers have accused the Kremlin of weaponizing energy supplies in order to sow uncertainty across the bloc and boost energy prices.
There is no blame for the shut down of theNord Stream 1
All Rights Reserved © 2024
