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In an online conference on Sunday, the 23-state association confirmed its October decision to produce two million barrels (159 liters each) less every day by the end of 2023. The uncertainties in the market are currently considerable, he said. The EU embargo on Russian oil delivered by sea will take effect on Monday. The consequences of this will likely include an increase in the price of oil.
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A committee of OPEC+ experts wants to review the production strategy every two months. If the market situation so requires, consultations will immediately take place at ministerial level, he said. The next regular ministerial meeting is initially scheduled for June 4, 2023. The influence of the cartel, which expanded to include ten non-OPEC countries in 2016, remains significant. Allianz has a global market share of around 40%.
/mrd/DP/he
VIENNA (dpa-AFX)
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