• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 33 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour How Far Have We Really Gotten With Alternative Energy
  • 3 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 16 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
China Holds The Key To 2024 Global Oil Demand Growth

China Holds The Key To 2024 Global Oil Demand Growth

Despite an increase in China’s…

BP Tries To Reverse Big Oil’s Fortunes in Brazil

BP Tries To Reverse Big Oil’s Fortunes in Brazil

Despite lackluster results from other…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC+ Cuts Production Despite Resistance From Russia

  • OPEC+ meeting ends with small production cut decision.
  • Russia was said to have resisted a production cut ahead of the meeting.
  • OPEC+ decided that it could call a meeting at any time to discuss other actions.

The OPEC+ meeting on Monday endorsed a decision to cut the collective oil production target by 100,000 barrels per day (bpd) for October, despite Russia reportedly resisting such a move. 

In another super-short meeting today, the energy ministers of the OPEC+ production pact agreed to return the targeted production levels to the August quotas, saying that last month’s increase was intended only for September. 

Ahead of the meeting, the Wall Street Journal reported, citing unnamed sources close to the cartel, that Russia would not support a decision by OPEC+ to cut oil production. 

While several OPEC members have signaled support for such a move, including Saudi Arabia, Russia is not among them, according to the sources. The reason, they said, was that a supply cut might diminish its sway over large Asian oil buyers as it would be a signal there is more oil in the world than there is demand for. According to the Wall Street Journal sources, Russia voiced its objections to a production cut last week at a preliminary meeting, where OPEC+ set as its baseline scenario an oil market supply surplus of 900,000 bpd for this year and next.

The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ oil producer group had supported during an earlier meeting the 100,000-bpd cut. 

The small cut is actually quite irrelevant considering that OPEC+ is estimated to be some 2.9 million bpd behind collective quotas. 

OPEC+, however, decided that it could call a meeting at any time to discuss other actions. The meeting, OPEC said, decided to “Request the Chairman to consider calling for an OPEC and non-OPEC Ministerial Meeting anytime to address market developments, if necessary.” 

OPEC’s next regular monthly meeting is scheduled for October 5. 

Following the OPEC+ meeting today, oil prices jumped by more than 3% in early trade ET, with WTI Crude hitting the $90 per barrel mark, as of 8:33 a.m. ET, and Brent Crude up by 3.5% at $96.64.  

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News