The OPEC+ group currently doesn’t plan to change the course in its oil production targets after Russia announced a cut in its output for March, two delegates from the OPEC+ alliance told Reuters on Friday.
Oil may resume its rally in 2023 as Chinese demand recovers after COVID curbs were scrapped and lack of investment limits growth in supply, OPEC country officials told Reuters, with a growing number seeing a possible return to US$100 a barrel.
A strong rebound in China’s oil demand this year may lead to the OPEC+ group reconsidering its production targets and quotas, according to the International Energy Agency (IEA).
The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group recommended that no changes be made to the current oil production quotas during a meeting on Wednesday, as widely expected.
Oil prices edged ahead for a second session on Friday, buoyed by stronger-than-expected U.S. economic growth and hopes of a rapid recovery in Chinese demand as COVID-19 cases and deaths plunged from last month’s peak levels.
The OPEC narrative for 2022 was largely about the realities of supply and demand against the backdrop of a post-pandemic war that sparked sanctions and a European energy crisis with the counterweight of a Chinese covid crisis.
Nigeria’s oil production in the month of December 2022 grew by 4.2 per cent month-on-month to 1.23 million barrels per day but remained significantly short of the 1.8 million barrels per day allocated to the country by the Organisation of Petroleum Exporting Countries, OPEC.
OPEC+ members leave politics out of the decision making process and out of their assessments and forecasting, Saudi energy minister Prince Abdulaziz bin Salman bin Abdulaziz said in an interview with the Saudi state news agency on Tuesday.
RIYADH — Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said on Sunday that the OPEC+ alliance decision to cut oil production by two million barrels per day was proven to be the correct one when recent developments are taken into consideration.
OPEC+ decided not to change the production quotas for its members at its latest meeting, which took place on Sunday.