OPEC+ agrees to stick to current production scheme

ANKARA – The Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+), has 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.

OPEC+, however, started to reduce production as of October with a view of “stabilizing global oil markets.” (Anadolu)