Go to Media BankOPEC headquarters in Vienna. File photoMOSCOW, Oct 1 OPEC+ has decided to hold an offline meeting of the Ministerial Monitoring Committee and all heads of the alliance in Vienna on October 5, OPEC said.»45th meeting of the Joint Ministerial Monitoring Committee (JMMC) ) and the 33rd OPEC and Non-OPEC Ministerial Meeting will be held in person at the OPEC Secretariat in Vienna, Austria on Wednesday, October 5, 2022,» the organization said.
OPEC+ recommends reverting to August deal parametersThese meetings will be held offline for the first time since March 2020, when ministers began meeting via videoconference due to the global COVID-19 pandemic. As Reuters reported this week, citing alliance sources, OPEC+ members have begun discussing additional production cuts for November, and it is «probable.» The agency also wrote that the Russian delegation may propose to the alliance to reduce oil production by about 1 million barrels per day at the next meeting in October. The agency then wrote that OPEC + members are focused on reducing from 500 thousand to 1 million barrels per day. May 2020 reduced oil production by 9.7 million barrels per day due to a drop in oil demand caused by the coronavirus pandemic. Then the terms of the agreement were repeatedly adjusted, and in August the alliance moved to the final stage of exiting its cuts. Under the terms for September, OPEC+ increased production by 100 thousand barrels per day, but in October it reduces it by the same volume and returns to August parameters. />Novak explains OPEC+ decision to cut oil production in October
