Media: OPEC+ countries may consider further cuts in oil production

30 November 2022

The OPEC+ countries are likely to discuss further reductions in oil production at a meeting on December 4. This was reported on Wednesday by the Iraqi news portal Shafaq news, citing sources in the cartel.

According to the portal's sources, the OPEC + countries will not decide on the level of oil production at the December 4 meeting after last week's meeting of energy ministers of Saudi Arabia and Iraq, who emphasized the importance of compliance with production levels already agreed upon. However, there is a possibility that the alliance members will consider further reductions in oil production to maintain prices.

Earlier, The Wall Street Journal citing OPEC delegates reported that Saudi Arabia and other OPEC countries are discussing the possibility of taking a decision to increase oil production by 500 thousand bpd at the upcoming OPEC+ meeting. Kuwait and the UAE denied this information. In turn, Algerian Minister of Energy and Mines Mohamed Arkab said that there were no talks on revision of the agreement to reduce oil production.

At the previous meeting of OPEC+, which was held on 5 October in Vienna, the alliance members agreed to reduce production by 2 million barrels a day from November and to prolong the deal until the end of 2023. The upcoming meeting was to be held in person in the Austrian capital on December 4, but two sources in the delegations told TASS that OPEC+ countries were likely to hold the meeting via videoconference.



GSV "Russia - Islamic World"

Photo: skeeze/Pixabay

Based on materials from TASS