Reuters reported the largest reduction in OPEC oil production since 2020

The OPEC+ monitoring committee approved the record reduction in oil production for the first time since 2020. This was reported by Reuters with reference to sources. The agency claims that the delegates of the organization of oil exporters (OPEC) agreed to reduce the production of 2 million barrels per day.

Such a solution can be beneficial to Russia, especially against the backdrop of the introduction of an oil embargo against Moscow. Against the background of Reuters messages, oil quotes began to grow, the cost of Brent oil has reached $ 92.9 per barrel. The American benchmark WTI jumped by 0.6% and exceeded $ 87 per barrel for the first time in a month. The American authorities tried to dissuade some members of the cartel not to reduce production in order to keep oil prices at an acceptable level, but the OPEC decided differently.

On Wednesday, October 5, it became known that European countries approved the introduction of a ceiling of prices for Russian oil. The mechanism involves a ban on the supply of oil and oil products to third countries using tankers, if the price exceeds the installed ceiling. Experts have repeatedly warned that such a measure could provoke an increase in oil quotes in world markets. Now, oil prices will be under pressure from two sides: sanctions against Russia and the decision of the OPEC to reduce production.

Russia was again directly involved in the OPEC summit, which, together with Saudi Arabia , lobbied the record reduction in prey in order to increase the average cost of a barrel in world markets.