2/1, 2:38 PM (Source: TeleTrader)
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OPEC JMMC confirms oil output will remain the same

The Organization of the Petroleum Exporting Countries' (OPEC) Joint Ministerial Monitoring Committee (JMMC) reaffirmed on Wednesday in a statement its commitment to the Declaration of Cooperation (DoC), adding that no changes will be made to the current oil production levels.

Back in October 2022, OPEC and its partners led by Russia (OPEC+) decided to cut oil output by whopping 2 million barrels per day. Today, it was reconfirmed that this decision will extend to the end of 2023.

The alliance urged "all participating countries to achieve full conformity and adhere to the compensation mechanism." The next JMMC meeting will take place on April 3.

Baha Breaking News (BBN) / AY