The OPEC+ Monitoring Committee did not alter the existing plan to reduce oil output by two million barrels per day, reaffirming the collective commitment to a tighter supply regime.
In a press release, participants reiterated their readiness to convene at short notice and take urgent, additional steps if market conditions require it, all aimed at preserving balance and stability in the global oil market.
Earlier decisions solidified a two-million-barrel-per-day cut, a move championed by Saudi Arabia and Russia. Washington accused Riyadh of aligning its energy policy with Moscow in a broader energy-political context.
The upcoming 35th OPEC+ and non-OPEC ministerial gathering is scheduled for June 4, 2023. Russian Deputy Prime Minister Alexander Novak noted that the OPEC+ Ministerial Monitoring Committee would meet again on February 1, with the broader ministerial session following later in the year. He explained on Rossiya-24 that the February meeting would precede the June gathering and that extraordinary meetings remain a possibility, though not currently necessary. He added that existing decisions from two months prior will stand unless otherwise changed.
Novak described the present state of the global oil market as healthier than it was two months ago, while acknowledging persistent uncertainties in the sector.
He highlighted several factors contributing to that uncertainty, including elevated inflation in multiple economies, high public debt, and tight monetary policies. He also pointed to recurrent coronavirus outbreaks in China, noting that China remains a major energy consumer whose demand influences global markets.
On the issue of price caps, Novak stated that Russian authorities have developed mechanisms to counteract the application of price ceilings on Russian oil by the European Union and G7 members. He argued that such non-market tools are inefficient and could destabilize markets, reduce investment, and limit energy availability not only for oil but for other products as well. The EU and G7, along with Australia, previously settled a ceiling price near $60 per barrel for Russian oil, with the measure becoming effective in early December. Moscow has consistently rejected these caps.
Putin has repeatedly communicated a stance against selling Russian crude at discounted rates. Novak reiterated Moscow’s position, asserting that even if production must be trimmed modestly, oil and related products would be sold to buyers who operate within market-based terms. He concluded by emphasizing that Moscow’s policy position remains unchanged.