The OPEC+ alliance, led by Saudi Arabia and Russia, decided on Sunday to keep the level of its joint supply of oil unchanged, which represents nearly half of global production. The decision, which was taken in a conference call with the ministers of the 22 NATO sectors, does not include the possible increases in pumping that could be agreed upon by eight of its members starting next April, given that these countries aspire to finish returning the barrels they voluntarily withdrew to the market in 2023 and 2024 to support prices.
In their final statement published on the website of the Organization of the Petroleum Exporting Countries, the ministers confirmed that the binding cuts introduced at the end of 2022, which total two million barrels of crude oil per day, remain in effect “until December 31, 2026,” as decided by the previous ministerial conference.