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OPEC+ cuts oil production by 2m bpd, sells for $92

The 20 countries making the OPEC+ group met in Vienna on Wednesday at its 33rd OPEC and non-OPEC meeting and agreed to slightly cut oil…

The 20 countries making the OPEC+ group met in Vienna on Wednesday at its 33rd OPEC and non-OPEC meeting and agreed to slightly cut oil production by 2 million barrels per day (bpd) from the August level just as oil price jumped slightly to $92.

A communique from the meeting said part of the resolution was to, “Adjust downward the overall production by 2 mb/d, from the August 2022 required production levels, starting November 2022 for OPEC and Non-OPEC Participating Countries.”

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While Russia and Saudi Arabia lead with 10.748m bpd each for the month, Nigeria tops African producers with a 1.742m bpd ahead of Angola with 1.455mbpd and 10.07mbpd for Algeria.

The organisation pegged a 1.875mbpd production quota for Nigeria for October, which was lower than the 1.975m it gave to the country for September.

However, the Group Chief Executive officer of NNPC Ltd, Mele Kyari on Tuesday said Nigeria’s production is 1.2m daily as oil theft has caused a closure of some pipelines.

The 10 OPEC members by the new agreement agreed to a 1.273mbpd cut from 26.689mbpd to 25.416mbpd; the non-OPEC quota including Nigeria, dropped from 17.167mbpd to 16.440mbpd cumulatively, cutting 727,000bpd. In all, the OPEC+ production will drop by 2mbpd from 43.856mbpd to 41.856mbpd.

Meanwhile, oil prices rose as Brent sold for $92 a barrel yesterday rising by 28 cents while the U.S. West Texas Intermediate (WTI) crude rose 7 cents to $86.59.