OPEC+ ministers decide not to change current oil production policy

MOSCOW. Feb 3 (Interfax) - The OPEC+ Joint Ministerial Monitoring Committee (JMMC), which is co-chaired by Russia and Saudi Arabia, has decided not to change the current oil production policy, OPEC said in a press release.

The meeting's participants highlighted the importance of achieving full conformity with the agreement's current parameters, as well as a number of countries' fulfilment of the compensation schedules for overproduction during the period of additional voluntary oil production cuts.

The adjustment of the plan for voluntary cuts by the alliance's voluntary participants (the shift towards gradually increasing production to April 1) ensured the stability of the global oil market, the OPEC+ ministers said.

Russian Deputy Prime Minister Alexander Novak said at the meeting that OPEC+ should maintain its current policy, Bloomberg reported.

During the meeting of the monitoring committee, the parties once again confirmed their commitment to the agreement, which is in effect until the end of 2026.

The next JMMC meeting will be held on April 5.