OPEC+ extended the deal until 2024 and reduced the quota by 2 million b/d

OPEC+ ministers at today's meeting in Vienna decided to extend the validity of the agreement on oil production volumes until December 31, 2023. In particular, the quota for oil production has been reduced by 2 million b/d since November compared to August levels. The indicator coincided with the quotas of October. The real decline in production will be less, since as of August OPEC+ lags behind the permitted production levels by 3.6 million b/d.

The organization also decided to reduce the frequency of meetings of the OPEC+ Ministerial Monitoring Committee (JMMC) from one to two months. Full-scale OPEC+ ministerial meetings will now be held every six months together with OPEC conferences. If necessary, the JMMC may request an unscheduled meeting of OPEC+ ministers at any time. The next meeting is scheduled for December 4.

The Alliance stressed that these and other decisions were taken in the light of uncertainty related to the prospects of the global economy and the oil market.

The price of oil reacted with growth to the decision of OPEC+. The current quote of Brent crude oil rose to the level of $93.78 per barrel, which was the highest since mid-September. North American WTI crude oil rose to $88.31 per barrel.