OPEC+ maintains oil production levels

By : Inspenet, December 5, 2022

The members of OPEC+ decided yesterday, Sunday, to maintain their oil production levels in a particularly unstable context, the eve of the entry into force of the sanctions against Russian oil.

The representatives of the thirteen members of the Organization of the Petroleum Exporting Countries (OPEC), and its 10 allies -including Russia- agreed to maintain the current trend decided in October, with a reduction of two million barrels per day until the end of of 2023, two participants in the meeting informed AFP.

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OPEC+ confirmed in a statement that it maintains the October decision, that it had been taken to maintain prices and that it sought at all costs to reduce prices at gas stations.

Since then, the prices of the two world crude oil references have lost ground and are now between 80 and 85 dollars, far from their highs of more than 130 dollars reached in March after the start of the Russia-Ukraine conflict.

This, in retrospect, validates our strategy,” the cartel said. “It was the right way to go to stabilize the markets,” it argued.

The next meeting was set for June 4, 2023, but the group was willing to meet “at any time” between now and take “immediate further action” if necessary.

Source : https://www.elnuevosiglo.com.co/articulos/12-04-2022-opep-mantiene-niveles-de-produccion-de-petroleo-en-un-contexto-inestable

Photo: ShutterStock

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