4 December 2022 - 16:38
  • News Code: 465449
OPEC+ Sticks to 2mbd Output Cut

TEHRAN (Shana) -- The 23 member countries of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) did not change the goal of reducing daily production by 2 million barrels per day until the end of 2023.

The oil and energy ministers of the OPEC+ coalition agreed in today's meeting (Sunday, December 4) with the October decision of this coalition to reduce daily production by 2 million barrels from November to December 2023.

It was decided that the 185th regular meeting of the Organization of the Petroleum Exporting Countries (OPEC) and the 35th meeting of the ministers of OPEC+ and its allies (OPEC+) will be held on June 3 and 4, 2023, respectively.

OPEC+, in response to the collapse of demand at the height of the crisis of the spread of Covid-19 and at the tenth meeting (April 12, 2020), decided to cut the group’s production from May 2020 by 9.7 mbd, equivalent to about 10% of the global demand, but since then, as demand has improved, the group has gradually eased the supply constraints.

News Code 465449

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