Countries participating in the OPEC+ agreement extended the deal until the end of 2023 and agreed to reduce oil production by 2 mln barrels per day from November, according to the final communique posted on the OPEC’s website.
Member-states agreed to “adjust the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC).” The Committee will have the authority to request ministerial meetings at any time, depending on the market situation.
Quotas as of August 2022 were taken as the basis to slash oil production. Decisions were taken “in light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market,” the document reads.
The next OPEC and non-OPEC ministerial meeting will be held on December 4 of this year.