At the 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and non-OPEC Ministerial Meeting (OPEC+) in Vienna, the organizations decided to cut crude oil production by 2 million barrels per day (mb/d), starting in November 2022.
The adjustment will reduce OPEC+ production from 43,856 million barrels per day (required August 2022) to 41,856 mb/d—a cut of 4.6%.
Of the reduction, Saudi Arabia (OPEC 10) and Russia (non-OPEC) account for more than half (a drop of 526,000 barrels per day each); the two countries are the top producers in OPEC+, with required production as of August 2022 at 11.004 million barrels/day each.
US National Security Advisor Jake Sullivan and NEC Director Brian Deese issued a joint statement expressing President Biden’s disappointment in the “shortsighted decision” to cut production quotas. Biden traveled to Saudi Arabia in July 2022, seeking an increase in oil output.
Production targets for OPEC+