5 October 2022 - 18:07
  • News Code: 462685
OPEC+ Agree to cut Output by 2 mbd

TEHRAN (Shana) -- 23 member countries of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) reached a consensus in their 33rd meeting with a daily reduction of 2 million barrels per day for the period between November 2022 to December 2023.

According to the decision of today's meeting of OPEC+ oil and energy ministers, the crude oil production quota of the member countries of this alliance will be reduced in November 2022 to December 2023.

OPEC+ reduced its production by 100,000 barrels per day at the 32nd meeting.

In response to the collapse of demand at the height of the crisis of the spread of the Covid-19 virus, OPEC+ limited its production from May 2020 by 9.7 mbd, equivalent to about 10% of global demand, but later on, demand improved gradually and the group eased supply restrains.

News Code 462685

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