OPEC+ countries agree to cut daily oil production by 2 million barrels
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OPEC+ member states have agreed to cut oil production by 2 million barrels per day. It will be in effect from November. This was reported on press conferences Iranian Deputy Oil Minister Amir Hossein Zamaniniya. This is the biggest reduction since 2020.
Previously monitoring committee agreed production reduction. According to Bloomberg, the reduction will not affect global supply much, as several OPEC member countries are already pumping well below the established quotas. According to the agency, based on the reporting on the production of OPEC countries, for a general reduction in oil production, eight countries must reduce it. The next meeting of members will be held in December.
According to the newspaper Financial Times, Russia and Saudi Arabia insisted on reducing fuel production. Against spoke USA. Washington believes that this will cause a global increase in oil prices. According to experts FTin response to OPEC’s decision to cut production, the United States may release oil from strategic reserves.
On September 5, at the OPEC + meeting, it was decided to reduce oil production in October by 100,000 barrels per day.
The news is being added.
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