OPEC+ to cut oil output by 2 mln bpd from November

Oil&Gas Materials 6 October 2022 01:05 (UTC +04:00)

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Wednesday announced a major production cut of 2 million barrels per day (bpd) starting November to bolster oil prices that have recently tumbled over recession fears, Trend reports citing Xinhua.

The oil alliance decided to cut its overall output by 2 million bpd from its August production targets, according to a statement released after the 33rd OPEC and non-OPEC Ministerial Meeting.

The reduction equals around 2 percent of this year's global oil demand, which is estimated by OPEC at around 100 million bpd.

According to the statement, the 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."