OPEC+ announced that it would keep its oil production quota unchanged

On December 4, local time, the "OPEC+" composed of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producers announced at the 34th ministerial meeting held on the same day that it would maintain oil production quotas
.

At the last ministerial meeting in October between OPEC members led by Saudi Arabia and non-OPEC producers such as Russia, it was agreed that crude oil production would be cut by an average of 2 million barrels
per day per month from November on the basis of August production.

The 34th OPEC+ Ministerial Meeting reaffirmed the decision made at the 10th Ministerial Meeting between OPEC and non-OPEC producers to reduce overall crude oil production and subsequent decisions
.
These include the production adjustment plan and monthly production adjustment mechanism approved by the 19th and 33rd Ministerial Meetings of OPEC and non-OPEC oil producers, adjusting the frequency of monthly meetings of the "OPEC+" Joint Ministerial Monitoring Committee to bi-monthly intervals, and authorizing the Committee to hold additional meetings or, if necessary, request OPEC and non-OPEC Ministerial Meetings to address market development issues
.

The meeting reaffirmed the importance of
upholding comprehensive compliance and compensation mechanisms, taking advantage of the extension granted by the 33rd Ministerial Meeting between OPEC and non-OPEC producers.

The meeting also decided to hold the 35th Ministerial Meeting
between OPEC and non-OPEC oil producers on June 4, 2023.