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OPEC+: The reduction is being driven by global economic uncertainty
OPEC+: THE REDUCTION IS BEING DRIVEN BY GLOBAL ECONOMIC UNCERTAINTY.
— Breaking Market News (@financialjuice) October 5, 2022
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SAUDI OPEC TARGET MOVES TO 10.5M B/D FOR NOVEMBER - DECEMBER - STATEMENT #OOTT #OPEC
— Nitin Kashimpuria (@nkashimpuria9) October 5, 2022
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FULL STATEMENT: The OPEC+ communiqué.
— Javier Blas (@JavierBlas) October 5, 2022
The group cuts output by 2m b/d from the August required output levels; extends cooperation deal with Russia until end of 2023. The group justifies its decision due to "uncertainty that surrounds the global economic and oil market outlook" pic.twitter.com/3JjMUcOk9W
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33rd OPEC and non-OPEC Ministerial Meeting
The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and Non-OPEC Ministerial Meeting took place in person at the OPEC Secretariat in Vienna, Austria, on Wednesday, 5 October 2022. In light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive, which has been consistently adopted by OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to: Reaffirm the ... (full story)