OPEC+ brings down October output to August levels

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OPEC and OPEC+ ministers decided today, Sept. 5, to return oil production for October to August levels.

The 32nd OPEC+ ministerial meeting confirmed the negative impact of volatility and low liquidity on the oil market currently, as well as the need to support market stability.

The meeting also confirmed that high volatility and increased uncertainty require a continuous valuation of market conditions, and readiness to immediately adjust production levels in various ways, when necessary.

The members also stressed that OPEC+ has commitment, flexibility and means that allow it to deal with such challenges, within the framework of the current mechanisms of the Declaration of Cooperation (DoC).

During the meeting, the members reaffirmed the decision of the 10th OPEC+ ministerial meeting, held on April 12, 2020, which was endorsed in the subsequent meetings.

They also requested the Chairman of OPEC+ Ministerial Committee to consider holding a ministerial meeting of the group, at any time, to discuss market developments, when necessary.

Furthermore, the members reiterated the importance of commitment to full discipline and compensation mechanism, in addition to holding the 33rd OPEC+ ministerial meeting on Oct. 5, 2022.