Today: 9 May 2025
2 February 2023
1 min read

OPEC+ recommends staying course on oil output policy

The JMMC comprises oil ministers from the OPEC+ countries. It has no decision-making power but provides policy recommendations for the OPEC+ ministerial meeting, the group’s decision-making body…reports Asian Lite News

Leading oil officials on Wednesday 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.

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.

The JMMC comprises oil ministers from the OPEC+ countries. It has no decision-making power but provides policy recommendations for the OPEC+ ministerial meeting, the group’s decision-making body. It has also the authority to request additional OPEC+ ministerial meetings “at any time to address market developments,” according to OPEC.

The JMMC has reviewed the oil production data for November and December last year and “noted the overall conformity” for the OPEC+ countries, OPEC added.

The next JMMC meeting is scheduled for April 3. The next OPEC+ ministerial meeting, where the group will formally decide its output policy, is set for June 4.

ALSO READ-Putin, MBS discuss cooperation ahead of OPEC+ meeting

Previous Story

Reforming multilateral banks discussed at first G20 Finance Meeting

Next Story

India sanctions ₹990 cr for G20 presidency

Latest from -Top News

UAE calls for calm

Sheikh Abdullah bin Zayed Al Nahyan, UAE’s Minister of Foreign Affairs, urged Inda and Pakistan to “exercise restraint” and avoid further escalation that could imperil regional and global peace The United Arab

India Strikes Terror Bases in Pakistan

‘Justice is served’, says Indian Army as Operation Sindoor unfolds In a significant military response to the deadly terror attack in Pahalgam that claimed 26 civilian lives, the Indian Army on Wednesday

UAE Reopens Doors to Lebanon

The prime minister expressed Lebanon’s “utmost gratitude and appreciation to the UAE” and President Sheikh Mohamed bin Zayed Al Nahyan….reports Asian Lite News Lebanon welcomed the decision by the United Arab Emirates

SYRIA RAIDS: Arab League Slams Israel

The Arab League condemned the airstrikes and called on the international community and the United Nations to confront what it described as “repeated violations committed by Israel against the Syrian state.” The

India Rises, Africa Watches 

While struggling economies in Africa engulf themselves in ideological battles and take sides in the tariff battles, nations like India are placing their national interest first and navigating Global Trade challenges in
Go toTop

Don't Miss

OPEC hails UAE’s thriving non-oil sector

UAE is also enhancing its attractiveness to foreign investors and

US is at last getting serious about countering OPEC

The bipartisan bill, the “No Oil Producing and Exporting Cartels