The Organization of the Petroleum Exporting Countries and its allies (OPEC+) confirmed on Wednesday that they have agreed to cut their production of oil by two million barrels per day (bpd), as previously reported.
The move was announced in the press release on the outcomes of the Joint Ministerial Monitoring Committee's (JMMC) discussion and OPEC and Non-OPEC Ministerial Meeting. The document remarked the cut would be implemented starting from November 2022.
The organization agreed to hold the next OPEC and Non-OPEC Ministerial Meeting on December 4, shortening the period between events to two months, while the frequency of the JMMC's summits will remain at six months.
