OPEC+ completed the deal to cut oil production by 102% in September

In September, the OPEC+ ministers noted that the countries executed a deal to reduce oil production by 102%. Over five months, the average level of execution was about 100%, Angi reports.

“This had a positive impact on stabilizing the market, especially after a significant drop in demand in the second quarter. Today OPEC+ holds tight and promptly monitors the situation on the market. The countries of the Agreement continue to show resilience, focus on results, and commit to a common cause,” said Alexander Novak, Head of the Ministry of Energy of the Russian Federation.

At the same time, according to the minister, there are still several uncertainties on the market - the coronavirus pandemic has already caused colossal damage to many sectors of the economy, including the oil sector. Investments in the energy sector are expected to decline by 18-20% this year.

As noted in the communique following the meeting, published on the Ministry of Energy website, the execution of the transaction by 102% is the highest indicator since May 2020. Also, the countries compensated for the shortfall in September 2020 by a total of 249 thousand bpd.

Earlier it was reported that in the US, oil production in the largest oil and gas regions in November would decrease by 1.5%.

Tags: oil, добыча нефти, OPEC+, agreement, decline in production, crisis, oil market

Read also

US may cede leadership in oil refining to China
The UAE plans to produce up to 5 million barrels of oil per day by 2030
Brent crude is trading above $46 per barrel