OPEC+ stands ready to take more action to stabilize the currency and commodity markets. The alliance has reportedly agreed to meet at any time if necessary.
The participating countries reiterated their readiness to stay in touch and "take immediate additional measures to address market developments and support the balance of the oil market and its stability if necessary."
At the meeting on December 4, OPEC and its allies decided to leave their current quotas unchanged. Earlier, the cartel lowered its crude oil output by 9.7 million barrels per day starting from May 2020. This step stemmed from a sharp drop in oil demand amid the COVID-19 pandemic. In August 2022, the overwhelming majority of OPEC+ members expressed their desire to withdraw from that deal. However, the situation changed, which forced the alliance to resort to further oil production cuts of 2 million barrels per day starting from November 2022.
To date, the major exporting nations have agreed to stick to their current policy of curtailing oil output adopted in October 2022. The next OPEC+ meeting is scheduled for June 2023.
