OPEC+ will maintain ‘decision to reduce 2 million barrels per day’

The 34th Ministerial Meeting held online by the 13 OPEC members led by Saudi Arabia and the energy and oil ministers of 10 non-OPEC oil producing countries led by Russia to assess market conditions and discuss the amount of production that will be implemented from December. is over.

In the statement made by OPEC, the importance of the cut decision made by the OPEC+ group at the 33rd OPEC Ministerial Meeting and not OPEC on October 5, he said: “The decision in question was made completely in accordance with the market assessments and hindsight. “This has affected the world oil markets by market participants. This has been recognized as the necessary and correct course of action to stabilize it.” statement was included.

The statement indicated that the participating countries could meet urgently to discuss market developments and, if necessary, support the balance and stability of the oil markets.

Noting that the commitment of the parties to the important decisions made in the past was reiterated, the Joint Ministerial Follow-up Committee (JMMC), which has been held every month until now, will be held every two months from now, but the Committee You can hold additional meetings if you wish, or according to the evolution of the markets, OPEC+ It was noted that the ministers could request a meeting at any time.

OPEC WILL MEET IN JUNE 2023

The statement shared the information that the next Ministerial Meeting will be held on June 4, 2023, noting the critical importance of adhering to full compliance and the mechanism to offset excess production by taking advantage of the extension approved at the 33rd OPEC and Meeting. Non-OPEC Ministerial.

The OPEC+ countries, at the meeting on October 5, decided to reduce their daily oil production by 2 million barrels starting in November. (AA)