The OPEC+ alliance decides to commit to suspending the increase in production for three months
The eight member states of the OPEC+ alliance, which had previously announced additional voluntary amendments in April and November 2023, met via video today, Sunday, to review the conditions and expectations of the global oil market.
She confirmed The eight participating countries reaffirmed the possibility of returning 1.65 million barrels per day partially or completely, subject to market developments and gradually.
The coalition said in a statement: "The eight participating countries will continue to closely monitor and evaluate market conditions, as part of their continuing efforts to support market stability."
The statement stressed the importance of adopting a cautious approach and maintaining full flexibility to continue suspending or canceling Additional voluntary production adjustments, including the previously implemented voluntary adjustments of 2.2 million barrels per day announced in November 2023.
The eight countries reaffirmed their collective commitment to achieving full compliance with the Declaration of Cooperation, including additional voluntary production adjustments that will be monitored by the Joint Ministerial Oversight Committee.
They also confirmed their intention to fully compensate for any surplus production since January 2024.
The eight member states will be held in OPEC+ alliance Monthly meetings to review market conditions, while the next meeting will be on the first of next February.
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