Essential Middle East

Why is OPEC+ cutting oil production?

Representatives of OPEC member countries attend a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria. — Representatives of OPEC member countries attend a news conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on October 5 [Vladimir Simicek/AFP]

The OPEC+ alliance of oil-exporting countries has announced reducing oil production by 2 million barrels per day, one of its largest supply cuts since the coronavirus pandemic. The decision comes at a time when many countries are grappling with soaring energy prices-fuelled inflation.

So what is behind the new decision of OPEC+ to reduce oil production, and what could that mean for consumers?

In this episode:

Nikolay Kozhanov (@KozhanovNikolay), Research associate professor at Qatar University

Episode credits:

This episode was produced by Salim Alyafei and the research was done by intern Nada Shakir. Sami Zeidan is the host of the episode, with Aya Elmileik as lead engagement producer and Munera AlDosari as assistant engagement producer. Omar al-Saleh is the executive producer and Ney Alvarez is the head of audio.

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Source: Al Jazeera