The organization added in a post on the “X” website: “The article incorrectly stated that a telephone conference was held in which the Saudi Energy Minister allegedly warned members OPEC+ “From a possible drop in prices to $50 per barrel if they do not comply with the agreed upon production cuts.”
A meeting of senior OPEC+ ministers decided to maintain the production policy Oil Unchanged, including a plan to start increasing production from December, and also emphasizing the need for some members to step up cuts to compensate for excess production.
A number of ministers from the Organization of the Petroleum Exporting Countries (OPEC) and its allies led the meeting RussiaThe OPEC+ alliance held a joint meeting of the Joint Ministerial Monitoring Committee via the Internet today, Wednesday.
“The Joint Ministerial Monitoring Committee emphasized the critical importance of achieving full compliance and compensation. Furthermore, the Committee will continue to evaluate market conditions,” OPEC said in a statement after the meeting.
Oil prices fell below $70 a barrel in September for the first time since 2021, but have since risen above $75 amid concerns that potential escalation in the Middle East could disrupt production from the region.
