4 December 2022 - 16:59
  • News Code: 465451
34th OPEC+ Ministerial Meeting Starts Virtually

TEHRAN (Shana) -- The 34th ministerial meeting of the Organization of the Petroleum Exporting Countries (OPEC) and their non-OPEC allies began a few minutes ago via video conference.

The oil and energy ministers of OPEC+ member countries met today (Sunday, December 4) for the 34th time to decide on the production policy of this coalition.

The members of OPEC+ started this meeting in a situation where the $60/b price cap for Russian crude oil by sea was announced on Friday by the G7, the European Union and Australia, and it is planned that the European Union will impose sanctions against the export of Russian oil. Many analysts and OPEC oil ministers have stated that the oil price ceiling is confusing and possibly ineffective.

Although many analysts believe that OPEC+ will not change the oil production target in today's meeting, Prince Abdulaziz bin Salman, the Minister of Energy of Saudi Arabia, is famous for last-minute surprises.

In their 32nd meeting, OPEC+ members agreed to cut the production target by 2 mbd; a decision that has brought a strong reaction from the US government.

After the decision of the coalition members in the 33rd meeting, the price of oil went through a lot of fluctuations, and the price of Brent crude oil went below $80/b for a short time in the London market last Tuesday.

News Code 465451

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