OPEC+ agrees to stick to current production levels

OPEC+ yesterday agreed to adhere to its current production policy.

The decision came at the group’s 47th Joint Ministerial Monitoring Committee (JMMC) videoconference meeting.

The ministers on the panel reviewed production figures and “reaffirmed their commitment” to the OPEC+ accord which cuts oil output by two million barrels per day until the end of 2023, OPEC said in a statement after the meeting.

The group’s next ministerial meeting is scheduled for 3 April.OPEC+ previously reduced daily crude oil production by approximately ten million barrels in April 2020 due to the sharp decline in demand owing to the COVID-19 pandemic.

As global economies and oil demand started to recover, the group started gradually increasing output from April 2021.

However, OPEC+ started to reduce production as of October with a view of “stabilizing global oil markets.”

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