OPEC+ agrees to stick to current production scheme

The Organization of Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, 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 approximately 10 million barrels in April 2020 due to the sharp decline in demand owing to the COVID-19 pandemic.

As global economies and oil demand started to recover, the group started gradually increasing output from April 2021.

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

• Organization of Petroleum Exporting Countries