2022-10-05T16:10:00+03:00
2022-10-05T16:23:34+03:00
2022-10-05T16:10:00+03:00
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OPEC+ committee recommends production cut by 2 million barrels per day
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The OPEC+ Ministerial Monitoring Committee (JMMC) has recommended that the alliance cut oil production by 2 million barrels per day, Reuters reports citing sources… PRIME, 05.10.2022
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OPEC+ committee recommends production cut by 2 million barrels per day
MOSCOW, 5 Oct – PRIME. The OPEC+ Ministerial Monitoring Committee (JMMC) has recommended that the alliance cut oil production by 2 million barrels per day, Reuters reported, citing sources.
OPEC+ to look into fears of global recession
“JMMC agreed on a recommendation to cut oil production by 2 million barrels per day,” the agency writes, citing sources.
OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to a drop in demand caused by the pandemic. Then the terms of the agreement were repeatedly adjusted, and since August of this year, the alliance has moved to the final stage of getting out of its cuts. In October, OPEC+ adheres to the August parameters, although some countries, including due to external restrictions, have still not been able to reach their allowed production levels.
As Bloomberg also clarifies with reference to unnamed delegates, the reference base for new cuts is assumed to be the same.
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