OPEC+ panel keeps oil output policy unchanged

OPEC+ Joint Ministerial Monitoring Committee decided today, Aug. 4, to keep the oil output policy unchanged.

The panel confirmed the members' commitment to the declaration of cooperation after reviewing oil production data for May and June 2023.

The next meeting is scheduled for Oct. 4.

Saudi Arabia announced, on Aug. 3, that it would continue its voluntary oil production cut of one million barrels per day for at least one more month, to include September, a move which the Kingdom said could be “extended or deepened”.

Source: Argaam