The 32nd Ministerial Meeting, which was held online by the 13-member OPEC led by Saudi Arabia and the energy and oil ministers of 10 non-OPEC oil producing countries led by Russia, to evaluate the market conditions and discuss the amount of production to be implemented as of October, ended.
In the statement made by OPEC, it has agreed that for October, the OPEC+ group will return to the production level of August. Thus, the group decided to cut production by 100 thousand barrels per day in October.
In the statement, it was announced that the next meeting of the OPEC+ group will be held on October 5, while a Ministerial Meeting can be called at any time to discuss market developments if needed in the future.
OPEC+ GROUP PRODUCTION CUT AGREEMENT
The group, which cut about 10 million barrels of daily crude oil production in April 2020 due to the decrease in demand due to the Kovid-19 epidemic, started to ease the production cuts periodically since April 2021, as demand started to recover.
In line with the decision taken at the 19th Ministerial Meeting held on July 18, 2021, the OPEC+ group has been gradually increasing its daily crude oil production by approximately 400 thousand barrels per month since August 2021.
Finally, at the 31st Ministerial Meeting held on 3 August, the group decided to increase oil production by 100 thousand barrels per day in September. The OPEC+ group increased its production by 648 thousand barrels per day for the months of July and August.
Following this development, an increase of around 3.5 percent was observed in brent oil.