OPEC+ Monitoring Committee plans to hold meeting to discuss oil market

An online meeting of the OPEC+ Monitoring Committee will be held on February 1. At the meeting, representatives of the alliance will discuss the situation in the oil market, Azernews reports,citing foreign media.

A meeting will be held to discuss the situation in the oil market The Monitoring Committee of OPEC+ Ministers has scheduled the next meeting of the representatives of the alliance to discuss the situation in the oil market on February 1.

The meeting is planned to be held on February 1, 2023 in an online format. At the meetings of the alliance's ministerial-level monitoring committee, the situation in the oil market is usually assessed and recommendations are made regarding the alliance's oil production policy. However, the committee may request a general meeting of OPEC+ at any time if necessary. Monitoring meetings of ministers are now held once every two months.

The last meetings of the Monitoring Committee of Ministers and all OPEC+ ministers took place on November 30. Then, several union countries decided on additional voluntary cuts for the first quarter of 2024, which will total 2.2 million barrels per day. At the same time, Saudi Arabia has extended the voluntary production limit (1 million per day) that has been in effect since the summer, and Russia has increased the volume of oil supply reduction by 200 thousand barrels per day to 500 thousand barrels. Some allied countries (Algeria, Iraq, Kazakhstan, Kuwait, UAE and Oman) will reduce production by another 700,000 barrels per day.