“OPEC +” has decided to maintain its current oil production policy

Al-Anbat - Batool Alhajjaj

The Organization of Petroleum Exporting Countries and its partners, "OPEC  announced yesterday, Sunday, the extension of the current oil production policy by continuing to reduce production by two million barrels per day, while confirming their readiness to meet at any time to address market developments.

And "OPEC +" stated, in a statement, that as the 34th ministerial meeting of OPEC and non-member countries of the Organization of the Petroleum Exporting Countries was held via video link on Sunday that the participating countries decided to "commit to the decision of the 33rd ministerial meeting to reduce production by two million barrels per day."

It added that the decision was "entirely driven by market considerations" and that the partners recognized it as "the necessary and correct course of action towards stabilizing global oil markets."

And the statement specified that the 35th ministerial meeting of OPEC and non-OPEC members will be held on June 4, 2023.