OPEC and Russia decide to maintain their oil supply cuts

The OPEC+ alliance, led by Saudi Arabia and Russia, decided on Sunday to continue applying in 2023 the sharp cut in oil production agreed two months ago.

In a statement, the energy and oil ministers of the 23 countries of the alliance reaffirmed that the reduction of their joint pumping by 2 million barrels per day (mbd), agreed on 5 October, is the "necessary" and "correct" measure.

They also decided to convene their next regular conference for 4 June 2023, according to the note issued by the Organisation of the Petroleum Exporting Countries (OPEC).

However, they stressed that the internal monitoring 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 expressed their readiness "to meet at any time and to take immediate additional measures if necessary".

In their final statement, the ministers stressed that the controversial supply cut that came into effect on 1 November "was driven solely by market considerations".

"In retrospect, market participants recognised it as the necessary and correct measure to stabilise world oil markets," they added.