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OPEC+ countries maintain restrictions on oil production

Oil production restrictions of 2 million barrels per day are planned to be maintained until the end of 2023.

The OPEC+ countries decided to keep the oil production plan agreed at the October meeting, which provides for a production cut of 2 million barrels per day. This was stated in the final statement, published the previous day on the OPEC website.

The restrictions are planned to remain at least until the end of 2023. The OPEC+ communiqué states that the next ministerial meeting of the organization’s member countries will be held on June 4, but the ministerial monitoring committee may meet with representatives of the state “at any time” to “respond to changes in the market as necessary.”

As you know, at a meeting on October 5, OPEC + participants agreed to reduce production by 2 million barrels per day from November, and also extended the deal until the end of 2023. The quotas under of the OPEC+ deal from August 2022 will be used as the basis for calculating the reduction in oil production.

The media previously reported that the United States was in secret talks with Saudi Arabia to increase oil production. Congress intends to investigate.

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Source: korrespondent

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