OPEC+ agrees to stick to current production scheme

February 2, 2023, 4:49 pm

ANKARA – Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, agreed on Wednesday to adhere to its current production policy.
The decision came at the group’s 47th Joint Ministerial Monitoring Committee (JMMC) videoconference meeting.
The ministers of oil-producing countries decided to continue cutting oil output by 2 million barrels per day until the end of 2023.
The group’s next ministerial meeting is scheduled for April 3.
OPEC+ previously reduced daily crude oil production by about 10 million barrels in April 2020 due to the sharp decline in demand owing to the coronavirus disease 2019 (Covid-19) pandemic.
As global economies and oil demand started to recover, the group started gradually increasing output from April 2021.
However, OPEC+ started to reduce production as of October with a view of “stabilizing global oil markets.” (Anadolu)