OPEC and Russia meet today, with a big cut in oil output on the table.

[brooklynite]

New York Times

OPEC and its allies, including Russia, are widely expected to approve a sizable cut in oil production in order to bolster prices when officials meet in Vienna on Wednesday.

Among those attending the meeting is Russia’s deputy prime minister, Alexander Novak, who has played a key role in fostering cooperation with the Organization of the Petroleum Exporting Countries. The presence of Mr. Novak, who is subject to U.S. sanctions, could come as an embarrassment to European officials when their citizens face what could be a tough winter because of Russia’s war in Ukraine.

Analysts say a very large cut on the order of two million barrels a day, or about 2 percent of world supplies, could be on the table.

The gathering of the group, known as OPEC Plus, is the first to be held in person since the early days of the pandemic. That signals an intention to make a strong statement to energy markets about the group’s cohesion during the fighting in Ukraine and its willingness to act quickly to defend prices, analysts say.

[bullimiami]

1. oh look the saudis and russians colluding to fix prices.

[keithbvadu2]

2. Trump's pals. More genius strategy acc to Trump.

Trump's pals. More genius strategy acc to Trump.

[FalloutShelter]

3. Biden will be blamed in 3...2...1........