OPEC+ committee recommends maintaining oil production levels
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Following the meeting of the monitoring committee, the energy ministers of the OPEC+ member countries did not recommend the alliance to change the current level of oil production. The delegates reaffirmed their commitment to the mining plan, which was agreed on October 5, 2022, said press office organizations. The next meeting of the monitoring committee will take place on April 3.
On October 5, the countries of the alliance agreed to reduce the target level of production by 2 million barrels per day from November 2022 to the end of 2023 as part of the Declaration of Cooperation. US President Joe Biden called the production cut short-sighted and in Russia’s interests.
On December 5, the price ceiling for Russian oil at the level of $60 per barrel, introduced by the EU and G7 countries, came into force. At the December meeting of OPEC +, it was decided to leave the oil production policy unchanged. January 30 Russian President Vladimir Putin discussed with Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud interaction within the framework of OPEC+.
Today’s decision means that Moscow is now forced to independently solve the problem of bringing oil export prices to values that meet the needs of the budget until April. Now the gap between the price of Urals published by the Ministry of Finance and the value included in the budget exceeds $20 per barrel.
Read more about the consequences of the decision of the OPEC + committee – in the material “Foreigners will not help us”.
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