Oil fell to its lowest level since March
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How much oil is produced by OPEC+ countries
The current OPEC+ production quotas were approved in October 2022. On October 5, the participants in the OPEC+ agreement agreed to reduce the production quota in November and December by 2 million barrels per day. As a result, the alliance’s total quota amounted to 41.86 million barrels per day, which is approximately the same as in April 2022 (41.7 million barrels per day). Half of the reduction came from two countries – Russia and Saudi Arabia. Also, the participants in the deal, which was valid until the end of 2022, agreed to extend it until December 31, 2023. Since December 5, 2022, the OPEC+ countries have been holding meetings of the monitoring committee once every two months, and ministerial meetings once every six months. The next meeting will take place on June 4th.
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