Despite US Pressure... OPEC+ Maintains Daily Production Cut of 2 Million Barrels

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] The 'Organization of the Petroleum Exporting Countries Plus' (OPEC+), a coalition of major oil-producing countries including Saudi Arabia and Russia, has decided to continue its policy of cutting oil production by 2 million barrels per day.

OPEC+ stated in a press release following its regular meeting on the 4th (local time) that it will maintain the production cut policy agreed upon at the previous meeting and will respond immediately if necessary to ensure future supply-demand balance and price stability.

Earlier, at the regular meeting in October, OPEC+ agreed to reduce daily crude oil production by 2 million barrels starting in November and maintain this level until the end of next year. Despite explicit criticism from the US and other Western countries accusing it of "cooperating with Russia," the coalition has decided to continue this policy.

Bader Al-Mulla, Kuwait's Minister of Energy, described the decision as "helpful for market stability" and emphasized the need to closely monitor the impact of the global economic slowdown, soaring inflation, and high interest rates on oil demand.

Notably, this decision came shortly after the European Union (EU), the Group of Seven (G7), and Australia agreed to set a price cap of $60 per barrel on Russian crude oil. It is reported that some oil ministers expressed concerns about the introduction of the Russian crude oil price cap during this meeting.

The next regular OPEC+ meeting is scheduled for June 4.