Daily Management Review

OPEC+ to discuss reducing oil production by over million barrels per day


At a meeting on Wednesday in Vienna, OPEC+ will discuss reducing oil production by more than one million bpd, Bloomberg writes.

The ministerial monitoring committee and all of the alliance chiefs will meet informally on October 5 in Vienna, according to information provided by the organization earlier.

Since the COVID-19 epidemic throughout the world forced ministers to start holding videoconference meetings in March 2020, the meetings will be held in this style for the first time.

Helima Croft, head of commodity strategy at RBC Capital Markets, commented to the agency: "I don't believe they would want to meet in person for something insignificant."

The size of the cuts will not be decided in full before the ministerial conference, according to delegates.

This week, Reuters cited sources within the coalition to say that OPEC+ members have started talking about reducing production further in November, adding that this is "probable."

source: bloomberg.com