OPEC+ ministerial conference has ended, the alliance participants approved a 100,000 barrels per day (bpd) reduction in oil production in October, two sources in one of the delegations told TASS. This information was also confirmed in the final communiqué published on the OPEC website.
The OPEC document confirms that the countries of the alliance have agreed to return to the production levels of August, reducing the production by 100 thousand bpd. In this case, the communiqué highlights, that the decision to increase production by 100 thousand bpd, which was taken a month earlier, was designed only for September.
The document also notes that the ministers of OPEC+ countries decided to hold meetings of the alliance at any time in order to respond to the market situation. The next OPEC+ meeting is scheduled for October 5.
The production schedule for October suggests that Russia and Saudi Arabia will be able to reduce oil production by 26,000 bpd each, to 11,004 million bpd. Total oil production level of the alliance countries may return to the August level - 43,854 mln bpd.
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Based on materials from TASS