OPEC postpones by two months its decision on a gradual return to higher production levels
The OPEC+ group has decided to postpone by two months its decision to gradually reduce the production quotas currently in force. Without the postponement, the organisation's production would have risen by 185,000 barrels a day from October1, rising to 540,000 barrels a day by the end of December. The voluntary production cuts decided by OPEC represent the equivalent of 2.2 million barrels a day. It was low oil prices that led OPEC and Russia to postpone by two months the process of returning production to a level closer to nominal production capacity. The decision to gradually resume production had been taken and announced by the organisation last June.