OPEC+ panel keeps oil output policy unchanged

The OPEC+ ministerial panel met on Friday and decided to keep its current oil production policies unchanged.

The policies state that there will be no change in current output and production cuts will stay in place.

The OPEC+’s decision came after Saudi Arabia decided to extend its voluntary production cut into September, of one million barrels per day.

The panel confirmed its existing policies at a meeting held on Friday afternoon and urging members to “achieve full conformity and adhere to the compensation mechanism.”

Saudi Arabia announced on Thursday that the voluntary production cut is a move which could be “extended or deepened”.

An official source from the kingdom’s Ministry of Energy said production will be around nine million barrels per day.

The source also said the cut is in line with the voluntary cut previously announced by the kingdom in April 2023, which is set to extend until the end of December 2024.

“The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC Plus countries with the aim of supporting the stability and balance of oil markets,” the Saudi Press Agency (SPA) said.