OPEC+ leaves production cuts agreed in October in place

Vienna February 2 2023: The 47th Meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC took place via videoconference today.

The Committee reviewed the crude oil production data for the months of November and December 2022 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).

OPEC+ agreed to cut its production target by 2 million barrels per day (bpd), about 2% of world demand, from November last year until the end of 2023 to support the market.

The Members of the JMMC reaffirmed their commitment to the DoC which extends to the end of 2023 as agreed in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022, and urged all participating countries to achieve full conformity and adhere to the compensation mechanism.

The Committee thanked the OPEC Secretariat for their contribution to the meeting.

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