Wait and See

  

This week, the Joint Ministerial Monitoring Committee (JMMC) of OPEC+ held a virtual meeting where they agreed to maintain current production levels. This comes after their announced output cut in October 2022 of 2 million bpd from Novemebr until the end of 2023; driven by concerns about the state of the global economy, the oil demand outlook and a subsequent drop in crude prices. In their latest Oil Market Report, the IEA estimates OPEC+ December crude production at 38.33 million bpd for those members in the current output cut deal which corresponds to 1.77 million bpd under target.

Download the full report

Please Contact Us at：

media@xindemarine.com