OPEC+ agrees to stick to current production scheme

ANKARA

OPEC and allies, known as OPEC+, agreed on Wednesday to adhere to its current production policy.

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

The ministers of oil-producing countries decided to continue cutting oil output by 2 million barrels per day until the end of 2023.

The group’s next ministerial meeting is scheduled for April 3.

OPEC+ previously reduced daily crude oil production by approximately 10 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.”