5 September 2022 - 17:03
  • News Code: 461664
OPEC+ Cuts Output by 100k for October 2022

TEHRAN (Shana) -- The 23 member countries of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in their 32nd meeting agreed to cut their oil output for the month of October.

Based on today’s decision, the crude oil production quota of the member countries of OPEC+ will be decreased by 100,000 barrels per day in October.

In response to the collapse of demand at the height of the Covid-19 crisis, OPEC+ limited its production in May 2020 by 9.7 million barrels per day, equivalent to about 10% of global demand, but after that time, demand improved and the group gradually eased supply constraints. The amount of constrained supply (9.7 million barrels per day) has reached the end of the line on paper, but not all of it has entered the market.

The members of this coalition decided to hold the 33rd OPEC+ joint meeting on October 5.

News Code 461664

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