OPEC+ Monitoring Committee believes that oil production should be kept at the same level

The OPEC+ monitoring committee concluded at yesterday's meeting that the current terms of the deal should not be changed. The communiqué from the meeting stressed that the alliance members are committed to the production parameters set in October 2022.

That month it was decided to reduce oil production by 2 million b / s until the end of 2023 due to lower global demand. This was dictated by the desire of the alliance to prevent further decline in oil prices, which have reached their lowest point, and to maintain them at a high level. The member countries of OPEC+ account for over 66% of the global oil trade, while they produce a total of about 41% of the global volume, writes the publication rg.ru.

The monitoring committee does not take any decisions as to the policy of the alliance in the area of oil production, it only makes recommendations on its future course. The next meeting of the committee is scheduled for April 3, and the ministerial meeting of OPEC + in June.