• 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
  • 6 days Does Toyota Know Something That We Don’t?
  • 6 hours America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Major Oil Companies Make Moves in Megamerger Frenzy

Major Oil Companies Make Moves in Megamerger Frenzy

Several high-profile mergers among oil…

U.S. Oil Drilling Sees 6-Rig Gain

U.S. Oil Drilling Sees 6-Rig Gain

The total number of active…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Saudi Arabia, Russia To Cut 1.05 Million Bpd In November

  • Saudi Arabia cuts production for November by 526,000 bpd from its current quota of 11.004bpd.
  • OPEC+ decided to cut its November production quotas by 2 million bpd.
  • Saudi Arabia’s Prince Adbulaziz: Energy is something that can never be attended to in short-term tweaks and moves.

Saudi Arabia has agreed to cut its production for November by 526,000 bpd, from its current quota of 11.004 million bpd, according to data provided by OPEC following its Wednesday meeting to set new production targets.

OPEC+ decided to cut its November production quotas by 2 million bpd, according to the Wednesday press release, “In light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive, which has been consistently adopted by OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation.”

The group also extended the compensation period to the end of March 2023 for those not meeting their quotas.

Saudi Arabia’s actual September production came in at 10.904, according to OPEC’s most recent Monthly Oil Market Report—making the Kingdom one of the few OPEC+ members that will realize a nearly complete cut.

Other OPEC producers, such as Angola, Congo, Equatorial Guinea, and Nigeria, are already producing below their reduced November quotas, and as such, will not be required to cut production further. 

OPEC+ classified its cuts today as “voluntary”.

Source: OPEC

Energy is something that can never be attended to in short-term tweaks and moves, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman said at the presser following the meeting, in a seeming jab to U.S. President’s SPR releases and discussions about restricting refined product exports as a means to control prices at the pump.

In a rather surprising move, an oil price chart was shown during the meeting despite the group’s reluctance to discuss the oil market in terms of prices, to tout what OPEC+ has done so far. “Ask yourself the question: who delivered?” the Prince prompted.

When asked if OPEC was using energy as a weapon, “Show me where is the act of beligerance, period,” the Prince quipped.


The full group will hold its next meeting on December 4, 2022.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Colonial on October 05 2022 said:
    Biden really needs to sign the NOPEC act into law. russia is effectively targeting western interests within KSA collusion
  • George Kafantaris on October 05 2022 said:
    Forget OPEC. We got our own oil. And lots of it.

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