- Reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021 and the 33rd OPEC and non-OPEC Ministerial Meeting on 5 October 2022, including the adjustment of the frequency of the monthly meetings to become every two months for the Joint Ministerial Monitoring Committee (JMMC) and the authority of the JMMC to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments if necessary.
- Reiterate the critical importance of adhering to full conformity and compensation mechanism taking advantage of the extension approved on the 33rd OPEC and non-OPEC Ministerial Meeting.
- Hold the 35th OPEC and non-OPEC Ministerial Meeting on 4 June 2023".
OPEC+ agree to keep oil supply cuts on eve of approaching Russian price cap
WORLD 04 December 2022 - 21:02
OPEC and its allies (OPEC+) have agreed on December 4 to keep the current policy of oil output cuts, just hours before new Western sanctions on Russian crude exports come into force.
In their published statement, the Organization of the Petroleum Exporting Countries, and other major oil producers including Russia, said they would continue to restrict supply by 2 million barrels per day, a policy set in October that started last month and is due to run through the end of 2023.
OPEC has agreed on the following three points:
"The Participating Countries decided to:
As Bloomberg recalled, the previously agreed cuts from October, which were the biggest since the start of the pandemic, drew criticism from the US with the Biden administration having called them “shortsighted” and that they would hurt low- and middle-income countries by pushing energy prices higher.
Since then, oil prices have instead pulled back, as traders have focused on how ongoing pandemic lockdowns in China and global recession fears could hit demand.
Markets could be volatile in the coming days, however. Europe’s ban on importing oil from Russia shipped by sea kicks in on Monday, injecting extra uncertainty into the outlook for energy supply.
G7 nations, the European Union and Australia have agreed on December 2 to impose a price cap of $60 a barrel on Russian oil shipped to other countries that have not adopted an embargo. The move, which also takes effect on December 5, is aimed at depriving the Kremlin of revenue while avoiding a price shock by keeping Russian oil flowing to some markets.
Moscow has previously threatened to retaliate by cutting off oil supply to countries that adhere to the price cap while Ukrainian President Volodymyr Zelensky called the decision to set the price cap at $60 a “weak position.”
“The logic is obvious: if the price limit for Russian oil is $60 instead of, for example, $30, which Poland and the Baltic countries talked about, then the Russian budget will receive about a hundred billion dollars a year”, Zelensky said in his nightly address on December 4 according to Bloomberg.
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