The Organization of the Petroleum Exporting Countries (OPEC) decided on Monday to reduce oil production by 100,000 barrels per day (bpd) in October. The first cut this year followed an output increase of the same size in September.
The member states also called on the organization’s Secretary General Haitham al-Ghais to “consider calling for an OPEC and non-OPEC ministerial meeting anytime to address market developments, if necessary.” The next scheduled meeting will take place on October 5.
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