OPEC+ to cut oil production by 2.2 mln b/d

OPEC has decided to reduce oil production by 2.2 million bpd in the first quarter of next year. The corresponding agreement was reached at yesterday's meeting with the allied countries, writes the agency "Prime". The purpose of this measure is to maintain balance in the markets and contribute to their stability, the alliance explained.

When reducing the alliance members will be based on the production volumes approved in June of this year. According to Russian Deputy Prime Minister Alexander Novak, Saudi Arabia's cut will amount to 1 million bpd, Russia's - 500 bpd. The other members of the alliance will reduce production by a total of almost 700 b/s, of which Iraq will account for 233 b/s, the UAE - 163, Kuwait - 135, according to OPEC information.

Initially, the meeting of the alliance was scheduled for November 26, but it was postponed to the 30th. According to Reuters, citing informed sources, the negotiations were difficult.

Brent quotes fell by 3% yesterday, WTI - by 2.81%.