Opec Plus Holds Virtual Meeting Wed. On Oil Market Developme...| MENAFN.COM

Thursday, 23 March 2023 09:14 GMT

Opec Plus Holds Virtual Meeting Wed. On Oil Market Developments

(MENAFN- Kuwait News Agency (KUNA)) VIENNA, Feb 1 (KUNA) -- The ministerial oil market supervision committee under Opec plus will start a virtual meeting on Wednesday to review the current production levels.
There are expectations that the committee will maintain the current production policy, due to the unstable world economy situation.
The committee is chaired by Saudi Arabia and Russia, and includes Opec and non-Opec oil-producing countries.
Last October, Opec plus members announced extending the 'cooperation declaration' until end of 2023, while holding ministerial meetings every six months, and every two months for Opec Plus' ministerial committee to monitor oil markets closely.
According to oil market experts and Opec sources, the committee is expected to discuss economic expectations and international demand on oil, especially from China who had recently lifted COVID-19 restrictions.
International oil prices went up in the past two weeks, nearing USD 90 per barrel.
The committee is set to discuss the impact of the EU's sanctions against Russia for invading Ukraine, with Russia being one of the top oil producers in Opec plus alliance.
Last June, the EU approved banning the purchase of Russian crude oil carried by sea, coming into effect on December 5, 2022. (end)


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