Stalker notes that the Opec+ alliance of leading oil producers has opted to reduce output for the first time in a year, in an attempt to bolster prices. Brent Crude prices rose 4 percent after the announcement.
The Opec+ group said that it would reverse the 100,00 barrel a day boost to supplies it had brought in earlier this month.
The cut to supplies in October will be relatively small, but it is seen as a statement of intent to keep prices high.
As we go to press the price of a barrel of Brent Crude on the oil futures market stands at around $91.
Now down to just over $89 as of 28th September 2022.
