Media: OPEC + members discuss new oil production cuts in November

MOSCOW, 30 Sep — PRIME. OPEC+ members, which are considering further cuts in oil production at the upcoming October meeting, are focused on cutting from 500,000 to 1 million barrels per day, Reuters reported, citing sources in the alliance.

Oil prices moved up on fears of a lack of supply

OPEC+ oil producers considering cutting production targets at the October 5 meeting are focused on cutting from 500,000 to 1 million bpd to support the market.

The upcoming OPEC+ meeting will take place against the backdrop of falling oil prices from multi-year highs reached in March and strong market volatility. So, on Monday, the cost of Brent fell below $84 per barrel for the first time since January 14. Now world oil prices continue to remain below $90.

Earlier, the publication reported, citing sources, that OPEC + members began to discuss an additional production cut for November, and it is “probable”, but the decrease corridor was not yet known. The agency also wrote that the Russian delegation may propose to the alliance to reduce oil production by about 1 million barrels per day at the next meeting in October.

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“The likelihood that OPEC + will cut production is high. Moreover, oil at $ 90 is not negotiable for the management of OPEC +, so they will act to maintain this price floor,” Stephen Brennock from oil brokerage PVM quotes the agency as saying. .

The OPEC + alliance, which had earlier switched to a gradual increase in total oil production, decided to reduce it again by 100,000 barrels per day, returning in October to the August terms of the agreement. At the upcoming meeting on October 5, the terms of the restrictions for November will be discussed.