At the OPEC+ meeting, where production levels for October were discussed, it was decided to cut production by 100 thousand barrels per day.
OPEC+ decided to reduce the oil supply by a small amount for October. OPEC+ will reduce oil production by 100,000 barrels a day next month to August levels. Thus, after the call of US President Joe Biden in September, the production increase planned for September will be taken back in October.
It is considered that the decision taken may be alarming for oil-consuming countries, which are on the verge of an energy crisis before the approaching winter. The expected sanctions of the European Union on Russian oil may also increase the tightening in the oil market. Investors expected OPEC+ to keep supply stable.
An analysis by an OPEC+ committee stated that global demand would outpace supply in the fourth quarter, resulting in a 300,000-bar-a-day decrease in inventories.
The daily rise in Brent oil reached 4 percent.
