• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 9 hours How Far Have We Really Gotten With Alternative Energy
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 8 hours e-truck insanity
  • 4 days Bankruptcy in the Industry
  • 20 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days The United States produced more crude oil than any nation, at any time.
China Is Winning The Race for Affordable EVs

China Is Winning The Race for Affordable EVs

While U.S. and European automakers…

Explaining the Israel and Iran Missile Exchange

Explaining the Israel and Iran Missile Exchange

In response to Iran's attack…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC+ To Leave Oil Production Quotas Unchanged

  • The Joint Ministerial Monitoring Committee of the OPEC+ group recommended that no changes be made to oil production quotas.
  • The decision was not a surprise, with Putin and MBS having discussed OPEC+ cooperation just days earlier.
  • Uncertainties around Chinese demand and Russian supply in the coming months left OPEC+ with few options other than to wait and see.
OPEC+

The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group recommended that no changes be made to the current oil production quotas during a meeting on Wednesday, as widely expected.

The members of the JMMC “reaffirmed their commitment to the DoC which extends to the end of 2023 as agreed in the 33rd OPEC and Non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022,” OPEC said in a brief statement after the meeting.   

The panel is meeting next on April 3, 2023.

The no-change in policy was widely expected by the market, considering the uncertainties in both supply and demand in the coming months. Analysts expected OPEC+ to adopt a wait-and-see approach amid significant uncertainties going forward.

Earlier this week, Saudi Crown Prince Mohammed Bin Salman and Russian President Vladimir Putin discussed OPEC+ cooperation on a phone call, according to various sources, with the focus on maintaining the stability of oil prices ahead of the virtual OPEC+ panel meeting today. Russian oil production has held up in spite of new Western sanctions and price caps, and three OPEC+ delegates have told Reuters that the Wednesday meeting was likely to conclude without any output policy changes.

In view of the uncertainties about Chinese demand and Russian supply in February and March, OPEC+ was widely expected to keep the current production levels, which reduced target output by 2 million barrels per day (bpd) from November onwards. Yet, the actual cut is estimated to have been around 1 million bpd.

In December, OPEC-13’s average December production rose by 91,000 bpd, according to the MOMR, to 28.971 million bpd, with nearly all of the gains coming from Nigeria. But December’s OPEC-10 production – the members bound by the OPEC+ pact – was still substantially below the production quota, with the group underproducing by more than 800,000 barrels per day.

Going forward, OPEC, OPEC+, and market participants will look to China and Russia for the most immediate clues on global demand and supply.

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News