OPEC+ to cut oil production by 100,000 BPD in October

By Al Mayadeen English
Source: Agencies
5 Sep 2022 19:39
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OPEC+ declared its intention to resume oil production at the August level and cut it by 100,000 barrels per day (BPD) in October.

Iraqi engineers observe a gas carrier as it prepares to set sail at the southern port of Umm Qasr near Basra, Iraq, Sunday, March 20, 2016 (AP Photo/Nabil al-Jurani)

On Monday, OPEC+ declared its intention to resume oil production at the August level and cut it by 100,000 barrels per day (BPD) in October.

In a statement, the OPEC+ alliance said that "[OPEC+ decodes to] Revert to the production level of August 2022 for OPEC and non-OPEC Participating Countries for the month of October 2022 as per the attached table, noting that the upward adjustment of 0.1 mb/d to the production level was intended only for the month of September 2022."

Russian Deputy Prime Minister Alexander Novak said that "This decision was made due to the fact that we considered the current situation on the market, made an assessment, and heard the report of the OPEC + technical committee."

OPEC+ will be meeting again in October and will continue to monitor the market situation, said Novak, given that the G7 group is set to put a price cap on Russian oil.

In his statement, Novak told Rossiya 24 that "Next, we will look at how the situation on the market will develop. Because there are a lot of uncertainties, including uncertainties associated with production in countries that are not part of the agreement, statements by individual G7 leaders and issues under consideration regarding placing a limit on the price for the purchase of Russian oil."