OPEC+ agrees to stick to oil production plan

By Al Mayadeen English
Source: Agencies
4 Dec 2022 15:58

OPEC+ agrees to keep output levels amid uncertainty citing economic challenges such as high inflation and interest rate increases.

The logo of the Organization of the Petroleum Exporting Countries (OPEC) (AP)

OPEC+ has decided to maintain its oil production targets in line with the October accord when the group reduced output by 2 million barrels of oil per day.

The group decided to maintain the terms of the output deal, according to a source from one of the OPEC+ delegations as quoted by Sputnik earlier in the day.

"The Participating Countries decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021 and the 33rd OPEC and non-OPEC Ministerial Meeting on 5 October 2022," a press release on the results of a Sunday ministerial meeting read.

The oil-producing nations of OPEC+ also underlined their readiness to "meet at any time and take immediate additional actions to address market developments and sustain the balance of the oil market and its stability, if necessary."

The last time OPEC+ convened was in October, when a decision spearheaded by Saudi Arabia and Russia cut oil production by 2 million barrels per day starting in November.

The OPEC+ oil production reduction is the most substantial cut since the COVID-19 pandemic peak in 2020.

OPEC+ ministerial talks are expected to take place in June 2023.