Oil: OPEC + decides to reduce production by 2 million barrels per day, starting from November

The countries of the Organization of Petroleum Exporting Countries and their allies outside the Organization (OPEC +) decided to reduce their production by 2 million barrels per day in November, during its 33rd ministerial meeting held today, Wednesday, in the Austrian capital, Vienna, according to the meeting’s final statement.

Thus, the 23 OPEC + countries (13 OPEC members and 10 non-OPEC members) have decided to significantly reduce their production for next November.

This meeting, in which the Minister of Energy and Mines, Mohamed Arkab, is participating, is the first in attendance for OPEC + since March 2020, which coincided with the beginning of the spread of the Coronavirus pandemic (Covid-19) across the world.

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