OPEC+ Considers Production Cut

Oct. 4, 2022

The group hopes to regain some ground after a recent short-term drop in oil prices.

Oct. 4, 2022—The oil producing group OPEC+ will consider a cut in production, against the wishes of the Biden Administration.

The New York Times reports that it would reverse trends of increased production from the group in recent years. Led by Saudi Arabia, OPEC+ hopes to bring crude prices up to $90 per barrel, the story says.

The Biden Administration has pushed for increased production in order to keep supply going and push down prices. An unstable global economy has different groups seeing different paths toward success. OPEC+ includes the production of Russia as co-chair of the group.

About the Author

Ratchet+Wrench Staff Reporters

The Ratchet+Wrench staff reporters have a combined two-plus decades of journalism and mechanical repair experience.

Sponsored Recommendations

Download: Lessons in ADAS

As ADAS systems become increasingly popular, understanding proper maintenance is crucial. This eBook explains the importance of staying current on proper ADAS calibration processes...

Establish and track your KPIs: Gross Profit on Labor

WHAT IT IS: The difference between the revenue of a job and the cost of completing it as it relates to labor, excluding all overhead costs. HOW TO CALCULATE IT: Job (or repair...

Find the right shop management system to boost your efficiency

Find the right shop management system to aid in efficient scheduling, communication and payment processing

Craft a strategic marketing plan

Develop strategies and communicate them to your staff to keep you on track