The OPEC+ ministerial panel meeting today made no changes to the cartel’s current oil production policy. Saudi Arabia and Russia have announced they will continue voluntary supply cuts to support the market, Reuters reported, citing BTA.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, or OPEC+, held an online meeting. The panel, called the Joint Ministerial Monitoring Committee, can convene a regular meeting of OPEC+ if there is reason to do so.
Meanwhile, oil rose to nearly $100 a barrel, its highest level since 2022, although prices have come under pressure in recent days on concerns that interest rates could stay higher for a long period of time and weaker economic growth.
“The committee will continue to closely monitor and assess market conditions,” an OPEC statement said. It was published after the meeting. In it, in what
it is specified that cuts in oil production from Saudi Arabia and Russia are taken into account.
Earlier today, Saudi Arabia said it would continue with voluntary output cuts of 1 million barrels per day until the end of 2023, and Russia would continue to curb exports by 300,000 barrels per day for the same period.
Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman, who chairs the Joint Ministerial Monitoring Committee, said last month that OPEC+ production cuts were necessary to stabilize the market.
The reduction in supplies from Saudi Arabia and Russia are in addition to the cuts announced at the end of 2022. The next meeting of the Joint Ministerial Monitoring Committee will be on November 26, according to the communique, on the same day as the OPEC+ meeting.
Russian Deputy Prime Minister Alexander Novak said today that joint production cuts by Saudi Arabia and Russia contributed to the balance of global oil markets. Novak also noted to Rossiya-24 television that the Russian ban on gasoline and diesel exports has had a positive impact on the domestic fuel market.
