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OPEC+ to cut oil production by 2 million barrels a day
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OPEC+ has agreed to cut oil production by 2 million barrels per day from November, will take the production levels agreed for August as a reference point, explaining its decision… PRIME, 05.10.2022
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MOSCOW, 5 Oct – PRIME. OPEC+ agreed to cut oil production by 2 million barrels per day from November, it will take production levels agreed upon for August as a reference point, explaining its decision by uncertainties around the global economy and forecasts for the oil market, follows from the official communiqué of the alliance following the meeting held on Wednesday.
“Adjust downwards total production by 2 million barrels per day from August 2022 production levels, starting in November 2022, for OPEC and non-OPEC countries,” the document says.
It also notes that the OPEC + decision was made “taking into account the uncertainties around the global economy and forecasts for the oil market,” as well as in accordance with the alliance’s proactive approach.