OPEC+ panel sticks to output policy, doubles down on compliance by member countries

LONDON/DUBAI: A meeting of top OPEC+ ministers has kept oil output policy unchanged including a plan to start raising output from December, while also emphasizing the need for some members to make further cuts to compensate for overproduction, Reuters reported.

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Several ministers from the Organization of the Petroleum Exporting Countries and allies led by Russia, or OPEC+ as the group is known, held an online joint ministerial monitoring committee meeting (JMMC) on Wednesday.

“The JMMC emphasized the critical importance of achieving full conformity and compensation,” OPEC said in a statement after the meeting. “Furthermore, the Committee will continuously assess market conditions.”

Oil prices dropped below $70 a barrel in September for the first time since 2021 but have since rallied above $75 on concerns a possible escalation in the Middle East following Iran’s military attack on Israel could disrupt output from the region.