OPEC + agrees to cut oil production by 100,000 barrels per day in October

In its most recent ministerial meeting, the OPEC group decided to reduce oil production by 100,000 barrels per day, compared to the increase approved during the last meeting.

The OPEC + ministerial meeting confirmed the negative impact of volatility and low liquidity on the current oil market, and the need to support market stability and the efficiency of its dealings.

The meeting emphasized that high volatility and heightened uncertainty require a continuous assessment of market conditions and readiness to immediately adjust production levels in various ways, if the need arises.

He also stressed that OPEC + has the commitment, flexibility and means that enable it to deal with these challenges and guide the market, within the framework of the current mechanisms of the declaration of cooperation.