The Saudi-led 14-member Organization of Petroleum Exporting Countries (OPEC) alongside their Kremlin-led allies, often dubbed as OPEC+, had decided against further output cut on Sunday’s policy meet, as global oil demands remained perilous amid frets of an impending recession in a majority of G7 countries. In the matter of the fact, latest move from OPEC+ nations came against the backdrop of a weakening of global economy, as questions raised on how China’s latest decision to ease its pandemic restriction would affect demands. On top of that, a couple of months earlier, ignoring calls from a majority of G7 nations including an incumbent Biden Administration, the OPEC+ had slashed their output by 2 million bpd (barrels per day) of a roughly 2 per cent of entire global demand in a bid to re-balance the global oil market.
OPEC+ keeps output steady
Meanwhile, a press agency report had quoted sources who wished to remain anonymous as saying that the OPEC+ had decided against further output cut largely due to a mass-scale weakening of global economy.
OPEC+ members would meet again on February 1 for a review of their current policy, while a full meet is scheduled on June 3-4, 2023.