The ministerial monitoring committee of the OPEC+ participating countries will gather on Wednesday in a video conference format to evaluate the current situation in the oil market and discuss a further oil production plan.
This time only a meeting of the ministerial monitoring of the Alliance will be held, which includes 8 countries from 23 participating in the OPEC+agreement. This is Russia, Saudi Arabia, the UAE, Iraq, Kuwait, Algeria, Venezuela and Kazakhstan. The general ministerial meeting is still scheduled for June 4, 2023. However, the monitoring committee can, if necessary, request a general meeting of OPEC+ at any time.
OPEC+ monitoring will meet to make a recommendation according to the further oil production plan. Since November 2022, OPEC+ countries were supposed to reduce the production of 2 million barrels per day (b/s) from the August level. In addition, the monitoring committee will evaluate the current situation in the oil market.
A meeting of the OPEC+ Monitoring Committee+ scheduled for 17:00 Baku time.