OPEC+ did not change its production policy

The Organization of Petroleum Exporting Countries (OPEC) and the OPEC+ cluster, which consists of some non-OPEC producer countries, decided to continue its production policy after the meeting. Organization of the Exporting Countries (OPEC) and some non-OPEC producers…

The OPEC+ cluster, which consists of OPEC and a number of non-OPEC producer countries, met online today to review production policy.

After the meeting, OPEC+ decided to continue its current production policy due to the demand in China and the supply uncertainty in Russia.

OPEC+ countries, at the meeting on October 5, 2022, decided to reduce their daily oil production by 2 million barrels as of November 2022.

Some non-OPEC producer countries remained cautious, although representatives from Goldman Sachs Group Inc. to Trafigura Group Pte Ltd. predicted a rise in oil prices at the end of this year.

Although oil prices made a rough start to 2023, they correctly restrained their rise in mid-January towards the end of the month.

In the hours of 16:53 after the decision, US crude oil increased by 0.49 percent to $ 79.19 per barrel, while Brent oil rose to $ 85.59 per barrel by 0.15 percent.