OPEC+ committee recommends maintaining oil production levels

Following the meeting, the energy ministers of the OPEC+ member countries did not recommend the alliance to change the current level of oil production.

Report informs, citing the press service of the organization, that the delegates reaffirmed their commitment to the production plan, which was agreed on October 5, 2022.

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The OPEC+ Joint Ministerial Monitoring Committee (JMMC) has started its meeting via videoconference, Report informs referring to foreign media.

Traditionally, JMMC gives the alliance a recommendation on the advisability of adjusting the parameters of the agreement and convening an extraordinary meeting of all heads of delegations.

This time, the OPEC+ committee is expected to recommend maintaining the current agreed level of oil production, Bloomberg reported last week, citing people familiar with the matter. This is due to the emerging recovery in global demand, as well as the expectation of clarity about demand in China and the impact of sanctions on supplies from Russia.

JMMC includes 8 countries out of 23 participating in the agreement - Saudi Arabia, UAE, Iraq, Kuwait, Algeria, Venezuela, Russia and Kazakhstan.

OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to a drop in oil demand caused by the coronavirus pandemic. Since August 2022, the alliance has moved to the final stage of exiting these cuts, but since November it has again cut production by 2 million barrels per day from the level that was the highest possible for August.