OPEC+ cuts oil production quotas for the first time since 2020
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The participants in the OPEC+ agreement (members of the Organization of the Petroleum Exporting Countries and a number of oil-producing countries that are not members of it, including Russia) will reduce the quota for oil production in October 2022 by 100,000 barrels. per day (bbl/day). This is stated in the decision on the results of the meeting of ministers of these countries, held on 5 September.
Thus, the countries that have joined the agreement will return to the production level set for August 2022. The Russian quota will be reduced to the August level, or by 26,000 barrels per day compared to September, follows from OPEC + materials.
The fact that OPEC + for the first time since the conclusion of a new deal in April 2020 may reduce production quotas was announced to Bloomberg on August 22 by Saudi Energy Minister Abdel Aziz bin Salman Al Saud. He cited “extreme volatility and lack of liquidity” in the oil market as reasons for this decision.
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