Ver Angola


OPEC+ reduces production by 100,000 barrels a day for October

The Organization of Petroleum Exporting Countries and its allies (OPEC+) agreed this Monday to reduce production by 100,000 barrels a day starting next month.


According to a brief note from the Ministry of Mineral Resources, Oil and Gas, to which VerAngola had access, the decision to make "a small cut in oil production" was taken this Monday at the 32nd ministerial meeting of the organization and aims to "boost prices that have fallen due to fears of an economic slowdown".

Thus, the note adds, "oil producers will reduce production by 100,000 barrels per day, equivalent to only 0.1 percent of global demand, for next month", thus reverting to the level of production in August this year.

At the meeting, which took place via videoconference, it was also agreed that the organization could "meet at any time to adjust production before the next meeting", scheduled for October 5th.


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