This Wednesday, during the 39th plenary meeting of ministers of the Organization of the Petroleum Exporting Countries (OPEC), the organization ratified the reduction in crude oil production until December 31, 2026.

Furthermore, “the ministers also confirmed the assignment of two internal committees responsible for closely monitoring the market and calling extraordinary meetings if they deem it necessary to readjust supply levels, while calling for full compliance with the established national quotas.”

OPEC has asked its secretary to develop a mechanism to assess member countries’ maximum sustainable production capacity, as a benchmark for setting new quotas for 2027.

The issue of voluntary cuts and the OPEC+ position will be discussed at the next OPEC conference, scheduled for November 30 of this year.

M.Pino

Source: bancaynegocios

(Reference image source: Raff Liu on Unsplash)

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