Source: OPEC+ agrees to return to August deal terms in October

MOSCOW, Sep 5 (PRIME) – OPEC+ has agreed to return to the August deal terms in October, which means cutting the output by 100,000 barrels per day, a source in one of the delegations told PRIME Monday.

"The committee recommended returning to the August terms of the deal," the source said. “Voting was fast, nobody objected.”

The source said that an increase of production by 100,000 barrels per day in September was an extraordinary measure.

OPEC+ cut oil production by 9.7 million barrels per day in May 2020 on the back of a decrease of oil demand caused by the coronavirus. The terms of the agreement were periodically revised. The deal is expected to terminate at the end of 2022.

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