OPEC+ committee reaffirms commitment to oil production quotas

The OPEC+ monitoring committee at a meeting on October 4 reaffirmed its commitment to the current terms of the deal and thus recommended maintaining the current oil production quotas.

"The Committee reaffirmed the commitment of its member countries to a declaration of cooperation that will last until the end of 2024, as agreed at the 35th meeting of OPEC and non-OPEC ministers on June 4, 2023," an official communiqué of the alliance reads, according to Prime.

Following the June 4 meeting, OPEC+ announced the extension of its deal for 2024 and the reduction of the target level of oil production by 1.4 million barrels from next year.

It is noted that the next meeting of the OPEC+ Ministerial Monitoring Committee (JMMC) is scheduled for November 26.