By Anadolu Agency
February 1, 2023 12:26 pmANKARA
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.”
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