Iran Press/ Europe: The 185th regular meeting of OPEC was held Saturday via video conference.
In the 185th regular meeting of the organization, OPEC members, while approving the 2023 budget of this organization, appointed Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons at the Republic of Equatorial Guinea, as the periodic president of OPEC meetings and Vincent de Paul Massassa, Minister of Oil, Gas, Hydrocarbons, and Mines of Gabon, were chosen as OPEC's periodic alternate president.
OPEC members also elected Mohammad Al-Shatti, the representative of Kuwait in the OPEC Governing Board, as the Chairman of the Board Of Governors and Mustafa Abdullah Al-Mukhtar Banisa, Libya OPEC Governor, as the Vice Chairman of the OPEC Board of Governors in 2023.
The basis for the selection of OPEC rotating presidents and the Board Of Governors is the alphabet, and Equatorial Guinea will assume the rotating OPEC presidency from January 1, 2023.
In the 185th meeting of OPEC, the report of the 185th meeting of the Economic Commission (ECB) was also presented, and the long-term strategic framework of OPEC was approved.
The 34th ministerial meeting of OPEC and the non-OPEC alliance (OPEC+) will be held on Sunday, December 4, via video conference.
In the 33rd ministerial meeting of this coalition, OPEC+ decided to reduce the production target by 2 million barrels per day from November to the end of 2023 due to the weakening of the economic prospect and oil prices.
Meanwhile, nearly two months after President Joe Biden vowed "there will be consequences" for Saudi Arabia’s actions to cut oil production, the US is not actively considering any significant retaliatory actions against the kingdom, according to two US officials.
