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Real volume of OPEC+ oil output cuts in November may reach 1 mln bpd — IEA

It is noted that OPEC+ agreed to cut production by 2 mln barrels per day from November

MOSCOW, October 13. /TASS/. OPEC+ countries in November 2022 can reach a real volume of production cuts of 1 mln barrels per day (bpd), while Saudi Arabia and the UAE will mainly reduce production, according to the October report of the International Energy Agency (IEA).

The agency emphasized that a significant reduction in oil output by OPEC+ countries increases the risks for global energy security.

OPEC+ agreed to cut production by 2 mln barrels per day from November, but the IEA believes that the real decline volume will be lower, since most members of the alliance did not fully fulfill their quotas for increasing production. The IEA also does not rule out that Russia may also reduce production in December against the backdrop of the start of the EU embargo on Russian oil supplies.

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