The OPEC and its allies maintain their production level by 2023
The Organisation of Petroleum Exporting Countries (OPEC) and its allies, led by Russia, decided on Wednesday to maintain unchanged their production rate set last October for the whole of 2023.
In a statement issued in Vienna after a virtual meeting of the Joint Ministerial Monitoring Committee (JMMC), the so-called OPEC+ alliance reaffirms its commitment to what was agreed last October.
To this end, the alliance's analysts have reviewed production data for the months of November and December 2022, to confirm that the countries adhering to the production pact are meeting the allotted pumping quotas.
At a meeting held on 5 October 2022, OPEC+ reduced joint production by 2 million barrels per day (mbd) to a total of 41.85 mbd, a level it will maintain through 2023, with the aim of stabilising oil prices.
On the day the production cut was agreed, the price of OPEC crude oil was trading at $94.06 per barrel, while yesterday it was selling at $81.95.
The next meeting of the JMMC, which monitors compliance with existing agreements and issues recommendations to OPEC+ ministers, will be held on 3 April, the statement concluded.
