The OPEC logo ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. Portal/Ramzi Boudina/File Photo ACKNOWLEDGE RIGHTS
- No policy changes, as expected
- Saudi Arabia and Russia continue their voluntary cuts
- The next meeting is scheduled for November 26th
LONDON/MOSCOW/DUBAI, Oct 4 (Portal) – An OPEC+ ministerial panel meeting on Wednesday made no changes to the group’s oil production policy after Saudi Arabia and Russia said they would maintain voluntary supply cuts, to support the market.
Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, held an online meeting. The body, called the Joint Ministerial Monitoring Committee (JMMC), can convene a full OPEC+ meeting if necessary.
Oil prices have risen toward $100 a barrel for Brent crude, its highest level since 2022, although prices have come under pressure in recent days amid concerns that interest rates could remain persistently high and weaker economic growth .
“The committee will continue to closely monitor market conditions,” OPEC said in a statement after the meeting, adding that the body recognized and acknowledged the cuts by Saudi Arabia and Russia.
On Wednesday, Saudi Arabia said it would maintain a voluntary cut of 1 million barrels per day (bpd) until the end of 2023, while Russia said it would maintain a voluntary export limit of 300,000 bpd until the end of December.
Russian Deputy Prime Minister Alexander Novak said on the Rossiya-24 news channel that joint cuts by Saudi Arabia and Russia had helped balance the global oil market. “We are also fully meeting our obligations,” he said.
Saudi Energy Minister Prince Abdulaziz bin Salman, chairman of the JMMC, said last month that OPEC+ cuts were needed to stabilize the market and that prices would not be targeted.
Ahead of the meeting, OPEC+ sources had told Portal that policy was likely to remain stable, although some analysts had indicated an increasing likelihood that Saudi Arabia’s voluntary cuts would be scaled back given oil’s recovery.
The supply cuts by Saudi Arabia and Russia come on top of previous restrictions announced since late 2022. The next JMMC meeting will be held on November 26, the statement said, the same day as the next scheduled OPEC+ full meeting to decide policy.
Reporting by Ahmad Ghaddar, Olesya Astakhova, Maha El Dahan and Vladimir Soldierkin. Text and additional reporting by Alex Lawler. Editing by Elaine Hardcastle and Mark Potter
Our standards: The Trust Principles.
Acquire license rights, opens new tab