5 Dec 2022 08:54

OPEC+ ministers decide to keep current oil production quotas, to meet on June 4, JMMC to meet on Feb 1

MOSCOW. Dec 5 (Interfax) - The OPEC+ ministers have decided to maintain the current oil production quotas, the organization said in a statement on Sunday.

The next meeting of the OPEC+ Joint Ministerial Monitoring Committee (JMMC) is scheduled for February 1, the next OPEC+ conference for June 3, and the OPEC+ full-scale ministerial meeting for June 4, sources told Interfax.

The OPEC+ statement mentioned only the date of the next OPEC+ ministerial meeting, June 4, and emphasized the readiness to meet any time, if necessary.

According to the statement, the decision made on October 5, 2022, to reduce the oil production quotas to 2 billion barrels per day starting in November was "recognized in retrospect by the market participants to have been the necessary and the right course of action towards stabilizing global oil markets."

"Adhering to the approach of being proactive and pre-emptive, the Participating Countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary," the statement said.