OPEC+ ministers, in their uncertainty related to the prospects of the world economy and the oil market, due to the need to improve long-term forecasts of the oil market, as well as in accordance with the successful approach to renewal actions, which were consistently applied by the participating countries, adopted a number of decisions, the secretariat of the organization reported.
All is provided, the term of the agreement has been extended until December 31, 2023.
Since November, the oil production quota has been reduced by 2 million b/s compared to the August level (falling in line with the October quotas).
Ministries are responsible for registration with the Office+ Ministerial Monitoring Committee (JMMC) and one at a time. Full-length OPEC+ ministerial meetings will be held this year together with OPEC+ conferences
JMMC may at any time request to the OPEC+ Ministries, if necessary.
The next meeting of OPEC+ ministers is scheduled for December 4.
Refund period for late date March 31, 2023.
