OPEC+ keeps oil production policy unchanged

OPEC+ kept its oil production policy unchanged, at a meeting held today, Wednesday

The committee said that it reviewed crude oil production data for the months of July and August 2023 and noted the comprehensive conformity with OPEC countries.

The committee urged all participating countries to achieve full compliance

The Committee reaffirmed the commitment of Member States to the Declaration of Cooperation that extends until the end of 2024, as agreed upon at the thirty-fifth Ministerial Meeting held on June 4, 2023. It also noted the adjustment to the pace of the agreement.

The committee explained that it will continue to closely evaluate market conditions, noting the readiness of the countries of the Declaration of Cooperation to address market developments and the readiness to take additional measures at any time, based on the strong cohesion between OPEC and the participating non-OPEC oil-producing countries.

The committee also expressed its appreciation and full support for the efforts of the Kingdom of Saudi Arabia aimed at supporting the stability of the oil market, and renewed its appreciation for the Kingdom’s additional voluntary reduction of one million barrels per day and its extension until the end of the year.

The committee also approved that Russia will extend its additional voluntary reduction in exports by 300,000 barrels per day until the end of December 2023.

The next meeting of the Committee (the fifty-first) is scheduled to be held on November 26, 2023.