OPEC+ Agrees to Make Token Supply Cut to Steady Oil Market

Group will curb production by 100,000 barrels a day in October
The move reverses a production increase agreed last month

WATCH: OPEC+ agreed to a surprise oil supply cut. Julian Lee reports.Source: Bloomberg

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By Salma El Wardany, Grant Smith, and Ben Bartenstein

September 5, 2022 at 12:01 PM UTC

Updated on

September 5, 2022 at 12:50 PM UTC

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OPEC+ agreed to make a token oil supply cut for October, a surprise move that shows the alliance is seeking to stabilize global markets after a faltering economic backdrop triggered the longest price rout in two years.