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Press Conference After 35th OPEC and OPEC+ Ministerial Meeting
Press Conference After 35th OPEC and OPEC+ Ministerial Meeting
Sputnik International
The members of the OPEC group of major petroleum exporters and its allies gathered in the capital of Austria on June 3 to discuss the recent developments in the global oil market and moves to stabilize the situation.
2023-06-04T17:02+0000
2023-06-04T17:02+0000
2023-06-04T17:02+0000
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Sputnik is live from Vienna, Austria, where members of the the Joint Ministerial Oversight Committee, the leaders of OPEC+ and its oil-producing allies, including Russia are holding a press conference following a meeting.Earlier, it was reported, that possible oil production cuts could have been discussed during the meeting. OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to a drop in oil demand caused by the COVID-19 pandemic. In August 2022, the alliance started the final stage of canceling these cuts, but in November it decided to cut the production once again by 2 million barrels per day from the maximum possible level of August. The decision is valid until the end of 2023. Moreover, in April 2023, a number of the organization's member states, including Saudi Arabia, announced that from May they would voluntarily reduce production in excess of quotas also until the end of the year.Follow Sputnik's live to find out more:
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Press Conference After 35th OPEC and non-OPEC Ministerial Meeting
Sputnik International
Press Conference After 35th OPEC and non-OPEC Ministerial Meeting
2023-06-04T17:02+0000
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opec, opec+, oil market, oil production, oil pricesm situation on oil market
opec, opec+, oil market, oil production, oil pricesm situation on oil market
Press Conference After 35th OPEC and OPEC+ Ministerial Meeting
The members of the OPEC group of major petroleum exporters and its allies gathered in the capital of Austria on June 3 to discuss the recent developments in the global oil market and moves to stabilize the situation.
Sputnik is live from Vienna, Austria, where members of the the Joint Ministerial Oversight Committee, the leaders of OPEC+ and its oil-producing allies, including Russia are holding a press conference following a meeting.
Earlier, it was reported, that possible oil production cuts could have been discussed during the meeting.
OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to a drop in oil demand caused by the COVID-19 pandemic. In August 2022, the alliance started the final stage of canceling these cuts, but in November it decided to cut the production once again by 2 million barrels per day from the maximum possible level of August. The decision is valid until the end of 2023. Moreover, in April 2023, a number of the organization's member states, including Saudi Arabia, announced that from May they would voluntarily reduce production in excess of quotas also until the end of the year.
Follow Sputnik's live to find out more:
