The world's biggest oil producers from the Organization of Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, agreed Monday to cut production by 100,000 barrels per day (bpd) in October.
The 23 members of the group held the 32nd ministerial meeting via videoconference to discuss the production volume for October.
The group pointed to the adverse impact of volatility and the decline in liquidity on the current oil market, and noted the need to support the stability and efficient functioning of the market.
OPEC+ expressed readiness to guide the market as “higher volatility and increased uncertainties require continuous assessment of market conditions.”
The group vowed to consider calling a ministerial meeting if needed to address market developments.
OPEC+ reduced daily crude oil production by approximately 10 million barrels in April 2020 due to the sharp decline in demand following the emergence of the COVID-19 pandemic.
As global economies and oil demand started to recover, the group also began to ease these cuts incrementally from April 2021.
The next meeting of OPEC and non-OPEC members is scheduled for Oct. 5.