OPEC+ continues its aim to reduce oil output by 2 million bp...| MENAFN.COM

Monday, 06 February 2023 07:24 GMT

OPEC+ continues its aim to reduce oil output by 2 million bpd


(MENAFN) The Organization of Petroleum Exporting Countries (OPEC) and allies, recognized as OPEC+, accepted on Sunday to stick to its aim of reducing oil production by 2 million barrels a day (bpd).

The verdict was made at the 34th OPEC and non-OPEC Ministerial Gathering with a view of “stabilizing global oil markets,” as said by a statement.

The gathering was hosted through videoconference just a day before the EU’s restriction on Russian seaborne crude oil shipments and a controversial USD60 per barrel price limit for Russian oil comes into action on Monday.

OPEC+ reassured that verdict taken two months ago to reduce output by 2 million bpd “was purely driven by market considerations and recognized in retrospect by the market participants to have been the necessary and the right course of action towards stabilizing global oil markets.”

Even though the group’s next ministerial gathering is arranged for the 4th of June, its mutual Ministerial Monitoring Committee (JMMC), which arranges every two months, could demand a ministerial-level gathering “to take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary,” the announcement mentioned.

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