OPEC+ to cut oil production by 100k barrels per day

OPEC+ decided to reduce oil production by 100,000 barrels per day again, returning to the August terms of the agreement next month – as evidenced by an official communique of the alliance following the meeting held on September 5th, RIA Novosti reports

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“In view of current oil market fundamentals and the consensus on its outlook, OPEC and non-OPEC participating countries have decided... to revert to the production level of August 2022 for the month of October 2022. The upward adjustment of 0.1m barrels per day was intended only for the month of September 2022,” the statement reads.

The OPEC+ alliance will next time meet on October 5^th.