The decision of the OPEC+ countries to reduce oil production by 2 mln bpd is aimed at balancing the global market, Russian President Vladimir Putin said at the Russian Energy Week forum.
“The OPEC+ decision is aimed solely at balancing the global market,” he said.
OPEC+ countries agreed on October 5 to reduce oil production by 2 mln barrels per day from November, and also extended the deal until the end of 2023. It is assumed that Russia and Saudi Arabia will be able to reduce oil production by 526,000 bpd compared with the level of August to 10.478 bln bpd. The total level of oil production in the countries of the alliance will be 41.856 mln bpd. Washington has sharply criticized the OPEC+ decision.
