OPEC+ to maintain current crude oil output policy

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) have decided to keep its current oil production levels unchanged and continue acting on voluntary cut pledges made earlier this year.  

PHOTO: OPEC headquarters in Vienna. Getty Images

The oil-producer group convened at the 50th Joint Ministerial Monitoring Committee (JMMC) today to review the group’s crude oil production data for the months of July and August 2023, OPEC said.

OPEC has reaffirmed its commitment to bring “balance” in the oil market by continuing voluntary supply reductions and export cuts into 2024, the group said. “The committee will stand ready to take additional measures at any time, building on the strong cohesion of OPEC and participating non-OPEC oil-producing countries,” it further added.

Meanwhile, OPEC’s de facto leader Saudi Arabia said it will continue its additional voluntary cut of 1 million b/d through 2023, and its top ally Russia said it will keep reducing crude oil exports by 300,000 b/d till the end of December 2023.

“This is a voluntary decision taken by two sovereign nations, Saudi Arabia and Russia,” OPEC’s secretary general Haitham Al Ghais told in an interview with BBC. “This decision can be described as precautionary or pre-emptive because of uncertainties,” he added.

The next JMMC meeting to discuss output strategies is scheduled for 26 November.

By Aparupa Mazumder 

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