OPEC+ to carry on reducing production| MENAFN.COM

Sunday, 05 February 2023 10:36 GMT

OPEC+ to carry on reducing production


(MENAFN) The Organization of Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, agreed on Sunday to keep its goal of cutting oil production by 2 million barrels a day (bpd).

The move was taken at the 34th OPEC and non-OPEC Ministerial Meeting with a view of “stabilizing global oil markets,” in line with a declaration.

The conference took place thru videoconference just a day before the EU’s restriction on Russian seaborne crude oil exports and a controversial USD60 a barrel price cap for Russian oil was applied on Monday.

OPEC+ repeated that move taken in October to cut 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.”

Although the group’s next ministerial conference is arranged for June 4, its Joint Ministerial Monitoring Committee (JMMC), which assembles every two months, may ask for a ministerial-level conference “to take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary,” the declaration added.

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