Opec+ to cut crude oil output by 100k barrels per day from October

The Organization of the Petroleum Exporting Countries (Opec) and its partners, such as Russia, collectively termed Opec+, have decided to cut crude oil production by 100,000 barrels per day (bpd) from October onwards, at a meeting on Monday.

In a step that may increase prices in India, the group has decided to reduce output quotas for October, after a fall in global oil demand outlook. The cut in output is equal to 0.1 per cent of global supply. It effectively reverses an increase in supply by a similar amount last month.

Last week, the Opec+ had revised its forecast