OPEC+: new production cut plans to be implemented along with October ones
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The OPEC+ Monitoring Committee reaffirmed its commitment to the terms of the October deal to reduce the target level of oil production by 2 million barrels per day until the end of 2023, reported in the press office of the organization.
Voluntary adjustment of production, which was agreed on the eve of eight (the eighth, the decision of which was not known to the press – Gabon) member countries of the cartel, the committee took note. The total volume of production cuts (taking into account the plans of Russia, which decided to cut in March) will be 1.66 million barrels per day.
Spring adjustments will be implemented in parallel with the implementation of the October agreements. “This is a precautionary measure aimed at maintaining the stability of the oil market,” summed up the OPEC +.
On the voluntary reduction in oil production until the end of 2023 yesterday, April 2, reported Algeria, Iraq, Kazakhstan, Kuwait, United Arab Emirates, Oman and Saudi Arabia. Russia made a similar decision in March, and the day before extended (also until the end of the year).
More about this – in the material “Kommersant” “Foreign countries did not let us down”.
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