OPEC+ committee recommends staying course on oil output policy

Leading oil officials on Thursday recommended to maintain the current oil output policy of OPEC+, the OPEC and its allies, amid an uncertain global economic outlook.

The OPEC+ agreed in October 2022 to cut production by 2 million barrels per day from the following month until the end of 2023.

The cut equals to about 2 per cent of the annual global oil demand, Xinhua news agency reported.

Members of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) “reaffirmed their commitment” to the current output plan at a virtual meeting on Wednesday and “urged all participating countries to achieve full conformity and adhere to the compensation mechanism,” according to an OPEC statement.