Emirates News Agency – During 34th Ministerial Meeting, ‘OPEC+’ keeps current oil production levels unchanged

Vienna, December 4, WAM / The participants of the thirty-fourth meeting of member states of the Organization of the Petroleum Exporting Countries and outside, “OPEC+”, held by videoconference, have decided to keep the current oil production unchanged, in accordance with the “ OPEC +” Resolution The group’s thirty-third ministerial meeting, built solely on market considerations, as market participants and the petroleum industry confirmed that this was the necessary and right action to achieve stability in global oil markets and advocated a proactive and proactive approach.

The “OPEC+” member states reiterated their readiness to meet at any time and take more immediate action to address any developments in the market and to support the balance and stability of the oil markets whenever needed.

“OPEC+” decided to reaffirm the decision of the Tenth Ministerial Meeting of Member States on April 12, 2020, which was endorsed at subsequent meetings, including the Group’s Nineteenth Ministerial Meeting on July 18, 2021 and the Group’s 30th Third Ministerial Meeting on July 5, 2021 October 2022.

The participants of the “OPEC+” meeting also decided to change the monthly meetings of the Joint Committee of Ministers to monitor production to bimonthly, while the committee was given the power to hold additional meetings or to request the holding of the Committee of Ministers meetings of OPEC -Plus member states to deal with any developments in the market at any time, whenever necessary.

Participants reaffirmed the importance of full compliance with the Agreement and the Compensation Mechanism, as well as utilizing the extension period approved at the Thirty-third Ministerial Meeting of OPEC Plus.

It was agreed to hold the thirty-fifth ministerial meeting of the “OPEC+” member states on June 4, 2023 and the forty-seventh meeting of the Supervisory Committee on February 1, 2023.