OPEC+ has agreed to cut oil production by 2 million barrels per day from November, and will take production levels agreed for August as a reference point, according to the alliance's communique following the meeting held on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 05th October, 2022) OPEC+ has agreed to cut oil production by 2 million barrels per day from November, and will take production levels agreed for August as a reference point, according to the alliance's communique following the meeting held on Wednesday.
"Adjust downward the overall production by 2 mb/d, from the August 2022 required production levels, starting November 2022 for OPEC and Non-OPEC Participating Countries as per the attached table," the document said.
The OPEC+ decision was made "in light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive."
