Oil Rallies As OPEC+ Agrees Historic 2 Million B/D Production Cut, Shuns Biden

As was well-telegraphed - and despite The White House's sabre-rattling - OPEC+ JMMC has recommended the cartel to go ahead with a historic 2 million b/d production cut.

One delegate has confirmed this cut is from baseline levels. This means the production cut is less than 2 million b/d directly since current actual production levels are already below quota. However, it is still a sizable cut.

As ArgusMedia reports, the extent to which any cut to November quotas will reduce actual supply will depend on how OPEC+ members fare in meeting their targets this month and how the cut is distributed.

The group as a whole fell 3.58mn b/d below its collective ceiling in August, according to an average of secondary source estimates.
oil platform in sea by Grant Durr is licensed under Unsplash unsplash.com