Reports

OPEC+ to stick to oil output policy in next meet

Published on : 2024-02-05

The world’s major oil producers are expected to stick to their policy of restricting production when they convene in their next meeting, Bloomberg reported on Friday.

The Joint Ministerial Committee of the Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, is scheduled to meet online on February 1.

The group has no plans to make any changes to their oil output policy during the upcoming meeting, the news agency said, quoting several delegates from the group.

The organisation has just started implementing output cuts in January and member countries require more time to study its impact, the sources said.

The OPEC+ meeting is expected to instead review member countries’ output levels at the end of 2023.

Oil producers have recently agreed to reduce production levels by a total of 2.2 million barrels per day in the first quarter of this year.

As part of the latest supply curbs, Saudi Arabia’s reduction of one million barrels per day, which was initially planned to take effect until the end of 2023, will be extended until March 2024.

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