OPEC-plus agrees to make token supply cut for Oct to steady oil market

OPEC+ agreed to make a token oil supply cut for October, seeking to stabilize global markets after a faltering economic backdrop triggered the longest price rout in two years.

The group will reduce production by 100,000 barrels a day next month, taking supplies back to August levels, it said in a statement. In its final communique after Monday’s online conference, the alliance also highlighted that it would be willing to call another ministerial meeting at any time if needed to address market developments. Its next scheduled talks will be on Oct. 5.

The surprise move from OPEC+ exactly reverses the September increase