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OPEC+ countries decide to cut oil production in October by 100,000 bpd — communique

According to the document, the ministers of the OPEC+ countries have decided to hold alliance meetings at any time in order to respond to the market situation

MOSCOW, September 5. /TASS/. The OPEC+ ministerial conference has ended, the alliance members approved a reduction in oil production in October by 100,000 barrels per day, two sources in one of the delegations told TASS. This information was confirmed in the final communication published on the OPEC website.

"Revert to the production level of August 2022 for OPEC and non-OPEC Participating Countries for the month of October 2022 as per the attached table, noting that the upward adjustment of 0.1 mb/d to the production level was only intended for the month of September 2022," the document says

According to the communique, the ministers of the OPEC + countries have decided to hold alliance meetings at any time in order to respond to the market situation. The next OPEC+ meeting is scheduled for October 5th.

Judging by the production schedule for October, Russia and Saudi Arabia will be able to reduce oil production by 26,000 barrels per day each, to 11.004 million barrels per day. The overall level of oil production in the countries of the alliance may return to the August level of 43.854 million barrels per day.

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