OPEC+ recommended reducing production by 2 million bpd

The OPEC+ Monitoring Committee, at the first face-to-face meeting since the start of the pandemic, supported the reduction of oil production by 2 million bpd. The meeting of OPEC + in an expanded format has begun.

• Quotes of Brent oil on the news made a “candle” to $93 per barrel from $92.
• The maximum reduction has been implemented - according to Bloomberg, there were still options for reducing production by 1 million and 1.5 million barrels.
• This is a sharp reversal in OPEC+ policy - the cartel has just completed a two-year process of restoring production to pre-Covid levels.
• The US presidential administration tried to convince allies in the Middle East to vote against the reduction, CNN wrote , citing sources.