Petroleum Africa
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Monday, December 5, 2022
On November 4, the Organization of Petroleum Exporting Countries and its allies (OPEC+) held their 34th meeting via teleconference to discuss oil market conditions. The group, despite high oil prices, ultimately agreed to maintain the status quo on oil production.
Major oil producers have taken two million per day of crude oil off the market, decided upon at the 33rd meeting of the group in early October.
As of yesterday’s meeting, current production levels are expected to be maintained through the end of 2023. However, the Joint Ministerial Monitoring Committee (JMMC) meets every two months and has the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments if necessary.
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