OPEC+ Sticks to Its Policies to Balance the Oil Market

  • International
  • 3 October 2024
1

The OPEC+ Joint Ministerial Monitoring Committee has kept the production policy unchanged, which will allow the group to start gradually increasing production at the beginning of December.

OPEC+ is currently reducing production by a total of 5.86 million barrels per day, or 5.7 percent of global demand, in a series of steps agreed since late 2022.

The group plans to boost output by 180,000 barrels per day starting in December, as part of a gradual rollback of the latest tranche of voluntary cuts over the next year. The increase was postponed from October after prices fell.

 

Source (Al-Arab Newspaper of London, Edited)

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