OPEC+ Decides To Maintain Current Oil Targets In Line With October Deal - Release

MOSCOW (UrduPoint News / Sputnik - 04th December, 2022) OPEC+ has agreed to maintain its oil production targets in keeping with the October decision, when the group slashed output by 2 million barrels of oil per day, a press release on the results of a Sunday ministerial meeting read.

Earlier in the day, a source from one of the OPEC+ delegations told Sputnik that the group decided to keep the parameters of the output deal unchanged.

"The Participating Countries decided to reaffirm the decision of the 10th OPEC and non-OPEC Ministerial Meeting on 12 April 2020 and further endorsed in subsequent meetings, including the 19th OPEC and non-OPEC Ministerial Meeting on 18 July 2021 and the 33rd OPEC and non-OPEC Ministerial Meeting on 5 October 2022," the statement read.

OPEC+ also reaffirmed its readiness to "meet at any time and take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary."

The next OPEC+ ministerial meeting is scheduled for June 4, 2023.