OPEC Plus or the organization of the petroleum exporting countries and its allies agreed to adjust its overall production next year.
The said overall production level will increase to 40.463 million barrels per day throughout 2024.
OPEC Plus also reiterated its efforts to achieve a stable oil market and as well as to provide long-term guidance.
The group made the decision following the 35th OPEC Plus Ministerial meeting over the weekend in their headquarters in Vienna, Austria.
To recall, in October 2022, OPEC Plus reduced its production targets for 2023 to 41.86 million barrels per day.
And this April, OPEC Plus announced a further voluntary output reduction of 1.66 million barrels per day.
The group’s latest decision comes amid the sliding of oil prices in recent weeks, and OPEC’s production cuts in early April reportedly pushed up oil prices above 85 U.S. dollars per barrel.
However, in recent days, the oil prices immediately retreated and have been hovering just above 70 U.S. Dollars per barrel amid pressure from concerns over the economic demand and outlook.
