Opec+ has agreed to keep its oil output targets unchanged at the 34th Ministerial Meeting that took place by videoconference on Sunday (December 4).
In its last meeting in October, the group had agreed to cut output by 2 million barrels per day.
The decision comes as oil markets wait to see how a slowing Chinese economy and a G7 price cap on Russian oil would affect demand and supply fundamentals.
“In line with the decision of the Opec and non-Opec participating countries in the declaration of cooperation at the 33rd Opec and non-Opec Ministerial Meeting on 5 October 2022, which was purely driven by market considerations and recognised in retrospect by the market participants to have been the necessary and the right course of action towards stabilising global oil markets; and adhering to the approach of being proactive and pre-emptive, the participating countries reiterated their readiness to meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary," read an Opec statement following yesterday's meeting.
They reiterated the critical importance of adhering to full conformity and compensation mechanism taking advantage of the extension approved.