OPEC+ Affirms Commitment to Unity and Market Stability Through Declaration of Cooperation | RT Source

OPEC+ Countries Affirm Commitment to Unity and Stability of Oil Markets

In a statement, the OPEC+ countries affirmed their commitment to unity, complete cohesion, and stability of oil markets through the Declaration of Cooperation.

Global Economy Overcoming Challenges

The statement added that OPEC+’s efforts were clear in helping the global economy overcome the challenges over the past years and ensured market stability.

Continued Cooperation and Dialogue

Cooperation and dialogue will continue for the benefit of all producers, consumers and investors, as well as the global economy

Delayed Impact of OPEC+ Decisions on Oil Market

Earlier, Kremlin spokesman Dmitry Peskov confirmed that coordination within the framework of the “OPEC+” group will continue, noting that the impact of the group’s decisions on the oil market is sometimes delayed.

In response to a question about the decline in oil prices after the recent “OPEC+” group meeting, Peskov said: “There are inertia processes in the market and the market is very large and therefore “OPEC+ group decisions” have a delayed impact sometimes, but in any case Coordination will continue.”

Agreement to Reduce Oil Production

The OPEC+ countries agreed in November 2022 to reduce oil production in order to maintain the stability of oil markets.

The deal stipulates a reduction in oil production by two million barrels per day until the end of 2024. Some members of the group, led by Russia and Saudi Arabia, also reduce production additionally on a voluntary basis in addition to the agreed upon quantities.

Source: RT

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