OPEC Plus decides to cut oil production by 100,000 barrels per day

London-Sana

The Organization of the Petroleum Exporting Countries, which includes members of the Organization of the Petroleum Exporting Countries and other allies, including Russia, agreed to slightly reduce oil production to boost prices, which have fallen due to fears of an economic slowdown.

Reuters reported that OPEC Plus agreed to reduce crude oil production by 100,000 barrels per day, or 0.1 percent of global demand, next October.

Brent crude fell to about $96 a barrel from $120 last June, amid fears of an economic slowdown and recession in the West, and against the backdrop of a possible increase in supplies thanks to the return of Iranian crude to the markets if Iran and the West reach an agreement on reviving the 2015 nuclear agreement.

Russian Deputy Prime Minister Alexander Novak said: The decision of OPEC Plus to reduce oil production by 100,000 barrels per day is related to the current situation in the market and the estimates of the Technical Committee.

Novak added to Russia 24 channel: “The situation allows us to adjust and we see that the GDP and the growth of the global economy are also slightly adjusted by our colleagues, as it was previously expected at a growth level of 3.5 percent and now the percentage is lower, i.e. about 3.1 percent for that and as part From our agreement we decided to adjust the quotas slightly and thus show that we have a fairly flexible tool that can be used as needed to increase production or reduce production.”

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