OPEC and allies are expected to cut production at a meeting scheduled for Wednesday, according to media reports.

Banks such as JPMorgan Chase told Bloomberg that the organization needs to lower output by least 500,000 barrels per day (bpd) to stabilize global oil prices. According to Reuters, however, the group may take a more aggressive approach and slash output by more than 1 million bpd.

7 months agoThe upcoming meeting at the OPEC headquarters in Vienna will be the first in-person gathering of the group since March 2020, and champion casino market experts say OPEC+ would not have ventured to convene in-person unless a large cut was on the table.