OPEC+ to meet offline in Vienna for the first time since 2020

MOSCOW, 1 Oct — PRIME. OPEC+ has decided to hold an offline meeting of the Ministerial Monitoring Committee and all heads of the alliance in Vienna on October 5, OPEC said.

“The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd Meeting of OPEC and Non-OPEC Ministers will be held in person at the OPEC Secretariat in Vienna, Austria on Wednesday, October 5, 2022,” reads the organization’s message.

These meetings will be held offline for the first time since March 2020, when ministers began meeting via videoconference due to the global COVID-19 pandemic.

As Reuters reported this week, citing sources in the alliance, OPEC+ members have begun discussing additional production cuts for November, and it is “probable”. 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.

The agency then wrote that OPEC+ members are focused on cutting from 500,000 to 1 million barrels per day.

OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to a drop in oil demand caused by the coronavirus pandemic. Then the terms of the agreement were repeatedly adjusted, and in August the alliance moved to the final stage of exiting its cuts. According to the conditions for September, OPEC + increased production by 100,000 barrels per day, but in October it reduces it by the same volume and returns to August parameters.