OPEC+ to discuss cuts in daily oil production by 1 million barrels
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At a meeting in Vienna on October 5, the Organization of the Petroleum Exporting Countries and Non-OPEC+ countries (OPEC+) will consider cutting production by more than 1 million barrels per day (b/d), the agency said. Bloomberg with reference to participants.
JPMorgan Chase believes OPEC+ may need to cut production by at least 500,000 b/d to stabilize prices. Brent crude has been above $125 a barrel since Feb. 24. Since that day, it has dropped to $85.
The possible contraction will come against the backdrop of a rapid slowdown in the global economy in the context of a rapid tightening of monetary policy, Bloomberg notes. Delegates said no final decision on the size of the reduction would be made before the meeting in Vienna.
Reuters previously reported that OPEC + is discussing the possibility of reducing oil production in November by 0.5-1 million barrels per day to support the oil market. October 5 meeting will become the first face-to-face OPEC+ meeting since March 2020, when the event was moved to a remote format due to the coronavirus pandemic.
Read about the previous reduction in oil production in the publication “Kommersant” “Quotas were taken from the ceiling”.
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