OPEC+ countries have left oil production restrictions in place

The Organization of the Petroleum Exporting Countries (OPEC) and 10 allied countries have decided to keep the agreements on future oil production in force.

OPEC+ (member countries of the organization and 10 allied states, including russia) decided to maintain restrictions on the reduction of oil production. This was reported on the website of the organization.

During the last meeting, OPEC+ did not discuss the decision of the G7, the EU and Australia regarding the establishment of a ceiling price for russian oil.

The next meeting within the framework of the OPEC+ monitoring committee will be held on February 1 next year. A full-fledged ministerial meeting of OPEC+ will take place on June 3-4.

We will remind, during the meeting on October 5, OPEC+ agreed to reduce oil production by 2 million barrels per day. There have been no similar reductions in production quotas by OPEC+ since April 2020, when the restrictions were linked to the COVID-19 pandemic.