In October, the organization’s countries will once again return to the level of production in August after the increase in September.
The ministers of OPEC+ member countries at a meeting on Monday, September 5, decided to reduce the quota for oil production in October by 100,000 barrels per day, according to the organization’s website.
The OPEC+ press release lists October’s quotas as matching August’s quotas.
It was noted that the increase of 100 thousand barrels per day was only intended for September.
The next ministerial meeting is scheduled for 5 October.
After the OPEC+ decision, the price of oil rose sharply.
November futures for Brent on London’s ICE Futures exchange rose $3.45 (3.71%) to $96.47 a barrel.
WTI futures for October in electronic trading on the New York Mercantile Exchange (NYMEX) rose $2.98 (3.43%) to $89.85 a barrel.
Recall that the G7 countries and the European Union are planning to introduce a price limit for Russian oil.
It should be noted that Russia has threatened not to supply oil in response to price restrictions.
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Source: korrespondent
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