According to the statement released by the OPEC + group, the Production Monitoring Committee reviewed the oil production data for November and December 2023 and concluded that members largely complied with their production decisions.
It was stated that since the production reduction policy is in line with the trends in the global oil market, this policy will be continued until the April 3 meeting.
The OPEC+ group announced that it would cut production of 2 million barrels per day in November 2022 and decided to reduce daily production by approximately 1.6 million barrels starting from May. Additionally, 9 country members voluntarily made cuts of varying amounts starting from July 2023.
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