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(OPEC Plus) confirms its commitment to production rates until the end of 2023

01-02-2023

The Joint Oil Market Monitoring Committee emanating from the (OPEC Plus) alliance confirmed today, Wednesday, its commitment to maintaining production rates until the end of 2023, in accordance with the existing cooperation agreement between the countries of the alliance concluded on October 5, 2022. This came in a press statement issued at the conclusion of the 47th virtual meeting of the Monitoring Committee in Vienna, which lasted for one day, adding, "The members of the committee reviewed crude oil production data for the months of November and December 2022 and noted that the Organization of Petroleum Exporting Countries (OPEC) and non-member countries conformed to the declaration of cooperation." According to the statement, the members of the committee called on all participating countries to achieve full compliance and adherence to the compensation mechanism. The next meeting of the Joint Oil Market Monitoring Committee (48) is scheduled to be held on the 3rd of next April.