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OPEC and Russia lower oil supply by 100,000 barrels per day | News

The Organization of Petroleum Exporting Countries (OPEC) and Russia agreed on Monday to lower oil supplies to the world market by 100,000 barrels per day.

CMIO.org in sequence:

OPEC forecasts a 2.7% increase in crude oil consumption in 2023

According to information from the world energy organization, the alliance agreed to maintain the August parameters of the agreement, although in October it will reduce oil production by 100,000 barrels per day.

For its part, the Russian Ministry of Economy recalled in its note that the decision was taken in the context of the G7’s attempts to convince oil-producing countries, on the contrary, to increase production.

OPEC+, led by Saudi Arabia and Russia, promoted the decision out of fear that a slowdown in the world economy would reduce global demand for fuels.

With this decision, adopted by the ministers of the OPEC+ sector at their monthly meeting, it was canceled to continue for October the increase in pumping that had been adopted at the previous meeting, on August 3, for September.

According to the ministers, they agreed to “return to the production level of August 2022”, while recalling that “the upward adjustment of 0.1 million barrels per day (mbd) was planned only for September”.

In that same sense, they also asked that the possibility of convening a new ministerial meeting of OPEC + be considered “at any time to address the evolution of the market, if necessary”, which could take place before the next regular and monthly meeting. , convened for October 5.

Russia has announced increases in income through the sale of oil and gas in the order of 6.7 billion dollars.

As a result, Brent oil, a benchmark in Europe, rose 2.3 percent in price to $95.2 a barrel.

Disclaimer: Via Telesur – Translated by RJ983

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