OPEC+ has not yet decided to cut production

MOSCOW, 5 Oct – PRIME. The OPEC+ countries have not yet made a final decision to reduce production, while reports on the oil market are being discussed at the meeting, a source in one of the delegations told RIA Novosti.

“Reports are still being discussed,” the source said, answering a question about whether the alliance had finally agreed on a decision to cut oil production by 2 million barrels per day.

Earlier Wednesday, a meeting of the OPEC+ Ministerial Monitoring Committee was held. Media reported that he recommended the alliance to cut oil production by 2 million barrels per day. Now the decision must be approved by the heads of all OPEC+ delegations, whose meeting is taking place next.

OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to falling demand caused by the coronavirus 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.

Ahead of the OPEC+ meeting, the UAE Energy Minister told reporters that the alliance will examine concerns about the state of the global economy, as a recession is one of the factors affecting demand, and on this basis will decide on the future of the deal.