OPEC+ Committee Recommends No Change To Current Oil Output Levels - Source

Muhammad Irfan Published December 04, 2022 | 05:10 PM

VIENNA (UrduPoint News / Sputnik - 04th December, 2022) OPEC+ ministerial monitoring committee has recommended the group to maintain current oil output levels and carry on with the agreed production cut of 2 million barrels of oil per day, a source from one of the delegations told Sputnik on Sunday.

The recommendation now needs to be approved by the heads of all OPEC+ delegations, which will meet via videolink after the committee's session.

In May 2020, OPEC+ reduced crude production by 9.7 million barrels per day due to a drop in oil demand caused by the COVID-19 pandemic. In October, OPEC+ unanimously agreed to take 2 million barrels of oil per day off the market, starting in November, in response to uncertainty in global energy markets.