OPEC+ Committee Recommends Staying Course On Oil Output Policy

OPEC+ Committee Recommends Staying Course On Oil Output Policy

VIENNA, Feb 2 (NNN-XINHUA) – Leading oil officials, yesterday, recommended to maintain the current oil output policy of OPEC+, the Organisation of the Petroleum Exporting Countries (OPEC) and its allies, amid an uncertain global economic outlook.

OPEC+ agreed in Oct, 2022, to cut production by two million barrels per day from the following month until the end of 2023. The cut equals to about two percent of annual global oil demand.

Members of the OPEC+ Joint Ministerial Monitoring Committee (JMMC), “reaffirmed their commitment” to the current output plan, at a virtual meeting yesterday, and “urged all participating countries to achieve full conformity, and adhere to the compensation mechanism,” according to an OPEC statement.

The JMMC comprises oil ministers from the OPEC+ countries. It has no decision-making power but provides policy recommendations for the OPEC+ ministerial meeting, the group’s decision-making body. It has also the authority to request additional OPEC+ ministerial meetings “at any time, to address market developments,” according to OPEC.

The JMMC has reviewed the oil production data for Nov and Dec last year, and “noted the overall conformity” for the OPEC+ countries, OPEC added.

The next JMMC meeting is scheduled for Apr 3. The next OPEC+ ministerial meeting, where the group will formally decide its output policy, is set for Jun 4.– NNN-XINHUA  


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