Tehran (IP) - The 23 member countries of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) did not change the goal of reducing daily production by 2 million barrels per day until the end of 2023.

Iran PressIran News: The oil and energy ministers of the OPEC+ coalition agreed in today's meeting (Sunday, December 4) with the October decision of this coalition to reduce daily production by 2 million barrels from November to December 2023.

It was decided that the 185th regular meeting of the Organization of the Petroleum Exporting Countries (OPEC) and the 35th meeting of the ministers of OPEC+ and its allies (OPEC+) will be held on June 3 and 4, 2023, respectively.

OPEC+, in response to the collapse of demand at the height of the crisis of the spread of COVID-19 and at the tenth meeting (April 12, 2020), decided to cut the group’s production from May 2020 by 9.7 mbd, equivalent to about 10% of the global demand, but since then, as the market has improved, the group has gradually eased the supply constraints.

34th OPEC+ ministerial meeting kicks off virtually

The 34th ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC) and their Non-OPEC allies, also known as OPEC+, kicked off a few minutes ago via video conference.

The oil and energy ministers of OPEC+ member countries met today (Sunday, December 4) for the 34th time to decide on the production policy of this coalition.

The members of OPEC+ started this meeting in a situation where the $60/b price cap for Russian crude oil by sea was announced on Friday by the G7, the European Union, and Australia, and it is planned that the European Union will impose sanctions against the export of Russian oil. Many analysts and OPEC oil ministers have stated that the oil price ceiling is confusing and possibly ineffective.

Although many analysts believe that OPEC+ will not change the oil production target in today's meeting, Prince Abdulaziz bin Salman, the Minister of Energy of Saudi Arabia, is famous for last-minute surprises.

In their 32nd meeting, OPEC+ members agreed to cut the production target by 2 mbd; a decision that has brought a strong reaction from the US government.

After the decision of the coalition members in the 33rd meeting, the price of oil went through a lot of fluctuations, and the price of Brent crude oil went below $80/b for a short time in the London market last Tuesday.


Read More:

185th OPEC meeting held online