The Organization of the Petroleum Exporting Countries (OPEC) and Non-OPEC Participating Countries have decided to cut oil production by 2 million barrels per day.
TheNewsGuru.com (TNG) reports that the decision was reached at the 45th meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC+.
The meeting was also the 33rd OPEC and Non-OPEC Ministerial Meeting, which took place in person for the first time after the COVID-19 pandemic at the OPEC Secretariat in Vienna, Austria on Wednesday.
According to OPEC+, the decision to cut oil production by 2 million barrels per day was reached in light of the uncertainty surrounding the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market.
According to a communique issued at the end of the meeting, the cut in oil production is effective November 2022 for OPEC and Non-OPEC Participating Countries, reiterating the critical importance of adhering to full conformity.