At the virtual meeting of the OPEC+ committee, ministers from around the world unanimously recommended no change in oil output policy. The decision to maintain the current oil production levels comes despite the ongoing economic crisis caused by the COVID-19 pandemic.
Delegates from OPEC+ countries agreed that the current oil output policy should remain unchanged in order to ensure stability in the global oil market. This decision was also seen as a gesture of goodwill towards the United States, which has been struggling with the economic fallout of the pandemic.
The Wall Street Journal reported that OPEC+ ministers had set out to stay the course on oil production, despite the economic woes in China caused by the coronavirus. Meanwhile, MarketWatch reported that the committee had recommended no change to output levels.
The decision to maintain the current oil output policy was welcomed by many industry experts, who argued that it would help stabilize the global oil market and provide some much-needed economic relief.
Overall, the OPEC+ committee’s recommendation to keep oil output policy unchanged is likely to provide some much-needed stability to the global oil market.