• Oil & Gas - News
  • Updated: February 02, 2023

Oil Prices Recover Losses As OPEC Maintains Monthly Production

Following OPEC's decision to maintain its anticipated monthly oil output, crude oil prices recovered some of their losses on Thursday.

OPEC revealed this on Wednesday at the 47th Joint Ministerial Monitoring Committee (JMMC) meeting, according to a statement issued by the organisation.

Brent Crude increased 0.17 per cent to $82.98 on Thursday morning, while WTI increased by 0.26 per cent to $76.61.

The largest cut by OPEC+ since the 2020 COVID pandemic, OPEC and its partners had agreed in October of last year to reduce oil output by 2 million barrels per day in November.

Despite pressure from the United States and others urging the organisation to raise its output, the decision was made.

OPEC claimed that it made the choice “in light of the uncertainty that surrounds the global economy and oil market outlooks, and the need to enhance the long-term for the oil market.”

The United States administration harshly criticised the choice, claiming that lower- and middle-income nations would be most badly impacted.

According to OPEC, on October 5, 2022, at the 33rd OPEC and non-OPEC Ministerial Meeting, the JMMC members reaffirmed their commitment to the Declaration of Cooperation (DoC), which runs through the end of 2023.

The oil cartel urged all participating nations to adhere to the compensation process and achieve complete uniformity.

According to the oil cartel, "The committee reviewed the crude oil production figures for the months of November and December 2022 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC)."

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Lawrence Agbo
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