The OPEC+ committee agreed to cut oil production by two million barrels. This can cause prices to rise

The Committee of Ministers of the member countries of the Organization of the Petroleum Exporting Countries (OPEC) and other exporters agreed to reduce oil production by two million barrels per day.

This is reported by Reuters.

At the same time, the participants of the expanded meeting of OPEC members and other producers, which is taking place in Vienna, discussed other options for reducing oil production, in particular by one and a half million barrels per day, but agreed on the maximum reduction. Against this background, the price of Brent oil on the London Stock Exchange began to rise and exceeded $93 per barrel.

CNN reports that the US sees the prospect of oil production cuts as a "total disaster" and has tried to dissuade allies in the Middle East from voting to cut production. Analysts believe that the reduction in oil production, which contributes to a sharp jump in its cost, will lead to appropriate measures from the United States, which wants to limit Russiaʼs income from the sale of oil during the war.

• On Wednesday, the countries of the European Union agreed on the eighth package of sanctions against the Russian Federation. Before that, Politico wrote that the ambassadors of the EU countries agreed on the draft of the eighth package of sanctions against Russia on the evening of October 4. In particular, the project of measures provides for the limitation of the price of Russian oil, which was previously agreed upon by the "Big Seven" countries. There is currently no decision on a specific price or price range for the future cap.