OPEC+ JMMC agrees to cut oil output by 2M bpd - report - Breaking The News

OPEC+ JMMC agrees to cut oil output by 2M bpd - report

5 October

1 min read

EPA-EFE/CHRISTIAN BRUNA

The Organization of the Petroleum Exporting Countries' (OPEC) Joint Ministerial Monitoring Committee (JMMC) agreed to recommend output cuts of 2 million barrels per day (bpd), Energy Intelligence's Amena Bakr reported on Wednesday.

According to one delegate, the 2 million bpd cut would be calculated from baseline levels rather than the current levels which are already below the quota.

Oil futures jumped after the reports on production cuts emerged. Brent for settlements in December climbed 0.96% to sell for $92.70 per barrel at 3:11 pm CET and West Texas Intermediate (WTI) rose 0.80% to go for $87.18 per barrel at the same time.

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