Opec + Committee recommends maintaining oil production quotas

At its meeting on Wednesday, the Opec + Monitoring Committee confirmed its commitment to the terms of the current agreement, thus recommending that existing oil production quotas be maintained, according to the alliance's official gazette.

Due to the decline in world crude oil demand caused by the new coronavirus epidemic, Opec and non-OPEC oil producers reached a production cut agreement in the spring of 2020, reducing the average daily production of 9.7 million barrels in May, and then adjusted the production cut several times as the market situation improved. In October 2022, "Opec +" decided to extend the production cut agreement until the end of 2023, reducing crude oil production by 2 million barrels per day from the August level from November of that year, pointing out that the decision to cut production is related to increased uncertainty in the world economy and poor crude oil market expectations.

In March 2023, Russia voluntarily reduced its daily oil production by 500,000 barrels from 9.95 million barrels a day, and earlier extended the implementation period of this move to the end of 2023. Russia has also voluntarily reduced its crude oil exports by 500,000 barrels per day in August 2023 and by 300,000 barrels per day in September.