VIENNA – The OPEC+ alliance, led by Saudi Arabia and Russia, decided this Sunday to continue applying in 2023 the sharp cut in oil production agreed two months ago.
In a statement, the Ministers of Energy and Petroleum of the 2023 countries of the alliance reaffirmed that the reduction of their joint pumping by 2 million barrels per day (mbd ), agreed on October 5, is the “necessary” and “correct” measure.
They also decided to convene for June 4, 2023 their next regular conference, according to the note issued by the Organization of Petroleum Exporting Countries (OPEC).
However, they stressed that the internal surveillance committee of the JMMC alliance will meet every two months and may convene an extraordinary conference if the market situation requires it.
In this context, they assured that they were willing “to meet at any time and Take immediate additional measures if necessary”.
In their final statement, the ministers stressed that the controversial reduction in supplies that came into force on November 1 “was driven exclusively by market considerations”.
“In hindsight, market participants recognized it as the necessary and correct measure to stabilize world markets for oil”, they added.