OPEC+ committee sets extra oil output cut at 1.66 mln bpd 2023

MOSCOW, Apr 3 (PRIME) -- The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ alliance has set the amount of a voluntary oil output reduction for the rest of 2023 at 1.66 million barrels per day, according to a statement released by the committee on Monday.

"The Members of the JMMC reaffirmed their commitment to the Declaration of Cooperation which extends to the end of 2023 as decided at the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022, and urged all participating countries to achieve full conformity and adhere to the compensation mechanism," the statement read.

Russia's oil output cut was set at 500,000 barrels per day until the end of 2023 from the average February's level.

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