During a recent meeting of top OPEC+ ministers, the group decided to keep its oil output policy unchanged despite recent sharp declines in oil prices. The meeting was held online and focused on the need for some members to compensate for earlier overproduction.
Currently, OPEC+ is implementing a production cut of 5.86 million barrels per day (bpd), representing about 5.7% of global demand. In June, the group extended cuts of 3.66 million bpd until the end of 2025 and prolonged a 2.2 million bpd cut by eight members for an additional three months, until the end of September 2024.
Oil prices have recently dropped from a high of over $92 a barrel in April to below $82, influenced by concerns about demand strength but receiving some support from rising tensions in the Middle East.