UPDATE: OPEC+ says to reduce oil production by 2 mln bpd from November

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MOSCOW/VIENNA/WASHINGTON, Oct 5 (PRIME) -- The OPEC+ states will reduce their crude oil output by 2 million barrels per day from November basing on the production levels agreed for August, the alliance said in an official communique on Wednesday.

The OPEC+ oil production cut deal has been prolonged until the end of 2023.

The members also agreed to meet less often, and have scheduled the next meeting for December 4.

Deputy Prime Minister Alexander Novak said in an interview with Rossiya 24 television channel that Russia’s oil output presently amounts to 9.9 million barrels per day (bpd), and its quota for November will be reduced to 10.5 million bpd from 11 million bpd in August.

Russia’s oil production is projected at 530 million tonnes in 2022, and at 490 million tonnes in 2023, he told reporters.

Russia is ready to ship oil only to those customers who will ensure market pricing for the commodity, Novak said.

He added that Russia is ready to begin gas supplies to Europe instantly using the undamaged string of the Nord Stream-2 pipeline.

U.S. President Joe Biden is disappointed with the OPEC+’s “short-sighted” decision to cut oil production and wants to support the market with additional 10 million barrel intervention from the U.S. strategic reserve, the White House said.

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