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OPEC producers will need to pump crude at the fastest pace in five years in 2023 if they are to balance oil supply and demand.

OPEC+ agreed to deepen its production cuts following a slump in crude prices and predictions of a renewed surplus next year.

OPEC+ agreed to make a token oil supply cut for October.

'The group is determined to preserve the value of crude even in a recession'.

One of Rigzone's regular market watchers looks at the surprise OPEC+ cut, talk of oil demand being inelastic to price, oil market volatility and more.

The Organization of Petroleum Exporting Countries and its allies will meet to decide November output levels on Oct. 5.

OPEC may make a formal ruling on the matter when ministers gather on Thursday.

The 23-nation group led by Saudi Arabia will probably ratify plans for another modest production increase.

Russia's oil industry may be coming under increasingly intense international pressure, but its seaborne exports are far from retreating.

OPEC+ decided to request the chairman to consider calling for an OPEC+ meeting anytime to address market developments.