The group of oil-producing nations will meet in person this week for the first time since March 2020 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. The upcoming meeting at the OPEC headquarters in Vienna will be the first in-person gathering of the group since March 2020, a
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