Vienna – An OPEC+ panel recommended Wednesday (4) that the oil cartel keep its current output reduction strategy unchanged after heavyweights Saudi Arabia and Russia vowed to maintain their cuts to prop up prices.
It added that the kingdom’s production would amount to about nine million bpd in November and December.
Russia will maintain its export cuts of about 300,000 bpd until December, Russian deputy prime minister Alexander Novak said in the government’s Telegram channel.
Both Riyadh and Moscow stressed that they would review their cuts next month to decide whether to deepen them or increase production.
The next JMMC meeting is set for November 26 ahead of the ministerial meeting, according to a statement from the group.
The JMMC has no decision-making power but discusses market conditions and makes recommendations, which are then formally discussed and decided at the organization’s ministerial meetings.
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