OPEC Plus keeps oil production policy unchanged

“OPEC Plus” kept its production policy unchanged at its meeting, which was held virtually yesterday, Sunday, with an emphasis on “holding a ministerial meeting at any time, to deal with any developments in the market when necessary.”

OPEC Plus confirmed, in a statement, that its decision came in line with the decision issued by the meeting held on October 5, which was based on market considerations only, as market participants and the petroleum industry confirmed that it was the necessary and correct measure to achieve stability in the oil markets. Globalism. The statement added: “In adherence to the proactive and initiative approach, the member states of OPEC Plus reaffirmed their readiness to meet at any time, and to take immediate measures to address any developments in the market, to support the balance and stability of oil markets, whenever necessary.”

The decision comes as China, the world’s largest oil importer, is experiencing slowing economic growth, and two days after the European Union and Group of Seven set a price ceiling for Russian seaborne oil at $60 a barrel, which is set to take effect on Monday.

All these data, in addition to the ambiguity and uncertainty in the oil markets, support the decisions of «OPEC Plus», which was confirmed by Kuwaiti Oil Minister Badr Al-Mulla, yesterday, by saying that the indicators of the global economic slowdown and its effects on the rate of growth in oil demand «require continued caution and follow-up of developments. market”.

In addition, Russian Deputy Prime Minister Alexander Novak confirmed that Russia will not export oil subject to a price ceiling imposed by the West, even if Moscow is forced to reduce its crude production. “We are working on mechanisms to prohibit the use of a price ceiling, regardless of the specified level, because such interference could further destabilize the market,” Novak said after the OPEC Plus meeting. He added that Russia would not operate under a price cap, even if it had to cut production.

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