OPEC+ does not plan to further reduce oil production due to falling prices

OPEC+ does not intend to announce more cuts in oil production, despite falling prices. This was reported with reference to sources familiar with the situation, Angi reports.

Three sources said the alliance is likely to extend the compensation period to October and November to allow Iraq and other countries to meet targets.

Five sources said that OPEC+ JMMC, which will meet on Thursday, September 17, is unlikely to recommend a change in oil production targets, despite the fact that the price of Brent crude oil fell below $40 a barrel.

Another source said that Saudi Arabia will not try to raise oil prices in the near future by voluntarily cutting above its quota, as was done in June this year.

Earlier it was reported that oil continues to trade below $40 per barrel.

Tags: contracts, oil, hydrocarbon production, tariffs, legislation, EU, energy market, Азия, добыча нефти, drilling, коронавирус, RF, Oil refinery plant, foreign affairs, OPEC+, OPEC, price, agreement, volumes, oil products, oil deliveries, well, field, infrastructure, energy sector, quarantine, Brent, WTI, pandemic, Saudi Arabia, COVID-19, decline in production, oil companies, oil reserves, economy, market, supplier, consumers, oil market

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