OPEC and Russia decide to maintain the cut in their oil production

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

In a statement, the energy and oil ministers of the 23 alliance countries reaffirmed that the reduction of their joint production in two million barrels per dayagreed on October 5, is the “necessary” and “correct” measure.

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

However, they stressed that the internal vigilance committee of the JMMC alliance will meet every two months and may call an extraordinary conference if the market situation requires it. In this context, they assured that they were willing “to meet at any time and take immediate additional measures if necessary.”

In their final statement, the ministers stressed that the controversial supply reduction that came into force on November 1 “was driven purely by market considerations.”

“In hindsight, market participants recognized it as the necessary and correct measure to stabilize world oil markets“, they added.

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