OPEC+ approved oil production cut by 2 million barrels a day
The decision was made in light of the uncertainty that surrounds the global economic and oil market outlooks
The OPEC+ alliance decided to 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 decision was made at the 33rd OPEC and non-OPEC Ministerial Meeting which took place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022.
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”.
The 34th OPEC and non-OPEC Ministerial Meeting is to be held on 4 December 2022.
In September 2022, OPEC+ decided unanimously to reduce the growth in total daily production of oil in October 2022 by 0.1 million barrels. The decision is to reduce volatility in the global oil market.
