Connection

popular articles

Sungrow and MSR-GE launch 100 MW BESS project in Malaysia
A Major $1.6 Billion Agreement Between Mongolia and Orano for a Uranium Mine
Trafigura Convicted in Switzerland for Foreign Public Official Corruption
Belgium: The government aims to double nuclear capacity by 2035
TotalEnergies accused of greenwashing by South African regulator

OPEC+ stays the course to support oil prices

Opec+ recommends continued oil production cuts to support oil prices, with an overview of the decisions taken and their impact on the global energy market.
OPEC

Please share:

OPEC+ stays the course and holds a technical meeting of the Joint Ministerial Monitoring Committee by videoconference on October 4, 2023, at which it recommends maintaining the current production cut strategy. This strategy, reinforced by Saudi and Russian production cuts, is designed to support oil prices.

Opec+’s commitment to continued stability

Opec+ reaffirmed its commitments, and said it was ready to take further measures depending on market conditions. The alliance also praised the efforts of Saudi Arabia, which has voluntarily reduced its production by one million barrels a day since July. The Saudi Ministry of Energy confirmed that this measure would be maintained until the end of 2023, bringing the kingdom’s production to around 9 million barrels per day for the months of November and December.

Opec+ decisions and their impact on the global market

Russia, another influential Opec+ member, is also keeping its oil exports cut by around 300,000 barrels a day until December. Russian Deputy Prime Minister Alexander Novak stressed that a market analysis would be carried out next month to decide whether to increase production cuts or raise oil output, in line with the Saudi statement.

These decisions are in addition to the production cuts implemented since May, effective until the end of 2024, by nine countries, including Saudi Arabia, Russia, Iraq and the United Arab Emirates, totaling 1.6 million barrels per day. Since the last JMMC meeting in early August, oil prices have been on the rise, with an increase of around 5% for Brent, the European benchmark, and over 7% for WTI, its American equivalent. Although Brent crude neared the $100/barrel mark at the end of September, it has fallen back slightly in recent days.

Next meeting and role of the Technical Committee

JMMC members will meet again on November 26 to take stock ahead of the ministerial meeting of Opec’s thirteen oil-exporting countries, led by Saudi Arabia, and their ten partners led by Russia, to be held in Vienna, the cartel’s headquarters. It is important to note that the Technical Committee does not have the power to make decisions regarding an increase or reduction in production quotas, but it does play a crucial role in discussing market conditions and making recommendations that serve as a basis for ministerial decisions.

Register free of charge for uninterrupted access.

Publicite

Latest news

Hydro-Québec launches a 10 G$ energy efficiency plan by 2035
The UK and Eni finalize financing for CO2 storage project in the Irish Sea
Washington criticises anti-fossil policies at IEA summit
Countries accused of overstating carbon sinks to slow energy transition
Saudi Arabia reduces crude consumption for power generation by 2030

Recently published in

Azerbaijan and China sign six agreements to develop renewable energy

During President Ilham Aliyev's official visit to China, six agreements were signed between Azerbaijan and Chinese partners to develop green energy projects, including solar power plants, an offshore wind farm, and energy storage systems.
Modi strengthens Indo-Saudi energy partnership during visit to Jeddah
Narendra Modi is on an official visit to Saudi Arabia to consolidate energy and trade ties between India and Riyadh, a key strategic supplier of crude oil to New Delhi.
en_1140290955540-12
Modi strengthens Indo-Saudi energy partnership during visit to Jeddah
Narendra Modi is on an official visit to Saudi Arabia to consolidate energy and trade ties between India and Riyadh, a key strategic supplier of crude oil to New Delhi.
en_1140290955540-12
Wood Mackenzie: US energy dominance could decline by 2040
The United States' dominance in oil and gas production may stagnate and even decline in the coming decades, according to a report from Wood Mackenzie. Technological challenges and the rise of low-carbon energies are key factors in this shift.
en_1140290957540-8
Wood Mackenzie: US energy dominance could decline by 2040
The United States' dominance in oil and gas production may stagnate and even decline in the coming decades, according to a report from Wood Mackenzie. Technological challenges and the rise of low-carbon energies are key factors in this shift.
en_1140290957540-8
Nigerian minister’s diplomatic visit to Niamey: Economic cooperation and security in focus
Nigerian Foreign Minister Yusuf Maitama Tuggar met his Nigerien counterpart in Niamey on April 16, 2025, to discuss economic cooperation and security amidst ongoing political tensions and terrorist threats.
en_1140290955540-10
Nigerian minister’s diplomatic visit to Niamey: Economic cooperation and security in focus
Nigerian Foreign Minister Yusuf Maitama Tuggar met his Nigerien counterpart in Niamey on April 16, 2025, to discuss economic cooperation and security amidst ongoing political tensions and terrorist threats.
en_1140290955540-10

Europeans excluded from nuclear negotiations between Iran and the United States

As nuclear negotiations between Iran and the United States continue, European countries find themselves sidelined, despite their central role in the 2015 agreement.
Time is running out for a nuclear deal, warns IAEA head in Tehran
The Director General of the International Atomic Energy Agency, Rafael Grossi, emphasised the urgency of reaching a deal on Iran's nuclear programme before crucial negotiations scheduled this weekend in Rome.
en_1140290945540-11
Time is running out for a nuclear deal, warns IAEA head in Tehran
The Director General of the International Atomic Energy Agency, Rafael Grossi, emphasised the urgency of reaching a deal on Iran's nuclear programme before crucial negotiations scheduled this weekend in Rome.
en_1140290945540-11
Greece establishes strategic map to regulate the exploitation of its maritime space
The Greek government formalises maritime zone planning to optimise resource exploitation, particularly in the energy sector, under European and international legal frameworks.
en_1140290965540-4
Greece establishes strategic map to regulate the exploitation of its maritime space
The Greek government formalises maritime zone planning to optimise resource exploitation, particularly in the energy sector, under European and international legal frameworks.
en_1140290965540-4
Kremlin maintains uncertainty over end of energy moratorium with Ukraine
Moscow refuses to specify the expiry date of the Russia-Ukraine energy strike moratorium, despite ongoing tensions and US diplomatic involvement.
en_1140290949540-10
Kremlin maintains uncertainty over end of energy moratorium with Ukraine
Moscow refuses to specify the expiry date of the Russia-Ukraine energy strike moratorium, despite ongoing tensions and US diplomatic involvement.
en_1140290949540-10

Russia positions itself to facilitate a nuclear agreement between Iran and the United States

The Kremlin has confirmed its willingness to actively support a diplomatic resolution on Iran’s nuclear file, ahead of a new round of talks between Tehran and Washington scheduled for this Saturday.
Iranian foreign minister to meet Lavrov in Moscow ahead of Washington nuclear talks
Abbas Araghchi will meet Sergey Lavrov in Russia before resuming nuclear discussions with the United States, scheduled for 19 April in Muscat under Omani mediation.
en_1140290943540-10
Iranian foreign minister to meet Lavrov in Moscow ahead of Washington nuclear talks
Abbas Araghchi will meet Sergey Lavrov in Russia before resuming nuclear discussions with the United States, scheduled for 19 April in Muscat under Omani mediation.
en_1140290943540-10
Washington revokes Trinidad and Tobago’s licence for Venezuelan gas
The US decision halts Trinidad and Tobago’s gas ambitions tied to the offshore Dragon field, undermining agreements with Caracas and several major energy companies.
en_1140290945540-6
Washington revokes Trinidad and Tobago’s licence for Venezuelan gas
The US decision halts Trinidad and Tobago’s gas ambitions tied to the offshore Dragon field, undermining agreements with Caracas and several major energy companies.
en_1140290945540-6
Washington and Tehran Negotiate, Moscow Validates a Strategic Nuclear Pact
As Russia ratifies a 20-year civil nuclear agreement with Iran, the United States reopens indirect talks in Oman. Tehran demands the lifting of sanctions, while 275 kg of uranium enriched to 60% raises concerns.
en_1140290977540
Washington and Tehran Negotiate, Moscow Validates a Strategic Nuclear Pact
As Russia ratifies a 20-year civil nuclear agreement with Iran, the United States reopens indirect talks in Oman. Tehran demands the lifting of sanctions, while 275 kg of uranium enriched to 60% raises concerns.
en_1140290977540

Russia ratifies strategic 20-year energy agreement with Iran

Russia’s State Duma officially approves a major energy partnership with Iran, paving the way for enhanced cooperation in the oil, natural gas, and civil nuclear sectors, despite ongoing Western sanctions.
Venezuela places its army on alert amid tensions with ExxonMobil in Guyana
The Venezuelan army says it will respond forcefully to any threat following allegations of a plot targeting ExxonMobil's infrastructure in contested waters off Guyana.
en_1140290961540-3
Venezuela places its army on alert amid tensions with ExxonMobil in Guyana
The Venezuelan army says it will respond forcefully to any threat following allegations of a plot targeting ExxonMobil's infrastructure in contested waters off Guyana.
en_1140290961540-3
Adani begins operations at Colombo West International Terminal
Adani, via its subsidiary Adani Ports and Special Economic Zone Ltd., has launched operations at the Colombo West International Terminal, strengthening the strategic role of Colombo Port in South Asia.
en_1140290952540-4
Adani begins operations at Colombo West International Terminal
Adani, via its subsidiary Adani Ports and Special Economic Zone Ltd., has launched operations at the Colombo West International Terminal, strengthening the strategic role of Colombo Port in South Asia.
en_1140290952540-4
Russia continues strikes on Ukrainian energy infrastructure
The French and British governments denounce ongoing Russian attacks on Ukrainian energy facilities, despite ceasefire discussions backed by the United States.
en_1140290946540-3
Russia continues strikes on Ukrainian energy infrastructure
The French and British governments denounce ongoing Russian attacks on Ukrainian energy facilities, despite ceasefire discussions backed by the United States.
en_1140290946540-3

India strengthens energy and military presence in Sri Lanka amid growing Chinese influence

New Delhi signed new defence and energy agreements with Colombo, consolidating its strategic influence on the island as China continues expanding its investments.
European Union strengthens energy alliance with Azerbaijan in Baku
European Commissioner Dan Jørgensen is in Baku to reaffirm energy cooperation with Azerbaijan, focusing on the expansion of the gas corridor and regional green energy projects.
en_1140291015540
European Union strengthens energy alliance with Azerbaijan in Baku
European Commissioner Dan Jørgensen is in Baku to reaffirm energy cooperation with Azerbaijan, focusing on the expansion of the gas corridor and regional green energy projects.
en_1140291015540
Berlin rules out any restart of Nord Stream 2 pipeline despite Russian speculation
German Foreign Minister Annalena Baerbock ruled out any possibility of reactivating the Nord Stream 2 pipeline, shut down since 2022, despite discussions mentioned by Russia and growing pressure on energy supply.
en_1140290955540-2
Berlin rules out any restart of Nord Stream 2 pipeline despite Russian speculation
German Foreign Minister Annalena Baerbock ruled out any possibility of reactivating the Nord Stream 2 pipeline, shut down since 2022, despite discussions mentioned by Russia and growing pressure on energy supply.
en_1140290955540-2
Washington targets independent Chinese refinery to restrict Iranian oil exports
The United States has sanctioned a Chinese refinery processing Iranian crude, increasing pressure on Tehran and raising concerns over global oil market stability.
en_1140290945540-2
Washington targets independent Chinese refinery to restrict Iranian oil exports
The United States has sanctioned a Chinese refinery processing Iranian crude, increasing pressure on Tehran and raising concerns over global oil market stability.
en_1140290945540-2

Algeria strengthens its African strategy with an electricity project in Burkina Faso

The Algerian energy group Sonelgaz is offering its technical expertise to Burkina Faso to strengthen its electrical infrastructure, illustrating Algeria's strategic intention to consolidate its presence in sub-Saharan Africa’s energy markets.
United States extends suspension of sanctions against NIS in Serbia
Washington again delays the enforcement of sanctions against NIS, the Serbian energy company controlled by Gazprom, extending the status quo until the end of April according to Serbian President Aleksandar Vucic.
en_1140290943540-7-2
United States extends suspension of sanctions against NIS in Serbia
Washington again delays the enforcement of sanctions against NIS, the Serbian energy company controlled by Gazprom, extending the status quo until the end of April according to Serbian President Aleksandar Vucic.
en_1140290943540-7-2
Washington warns Caracas over any attack on Guyana and vows retaliation
The United States has strengthened its support for Guyana amid Venezuela’s claims over the Essequibo, warning Caracas of a military response in case of aggression targeting the territory or American oil interests.
en_1140290944540-23
Washington warns Caracas over any attack on Guyana and vows retaliation
The United States has strengthened its support for Guyana amid Venezuela’s claims over the Essequibo, warning Caracas of a military response in case of aggression targeting the territory or American oil interests.
en_1140290944540-23
Ukraine and Russia halt strikes on energy infrastructure since 25 March
No attacks on energy installations have been reported since a partial agreement announced by the United States, marking a pause in hostilities targeting critical infrastructure.
en_1140290951540-20
Ukraine and Russia halt strikes on energy infrastructure since 25 March
No attacks on energy installations have been reported since a partial agreement announced by the United States, marking a pause in hostilities targeting critical infrastructure.
en_1140290951540-20

Advertising

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

VERVANT

Welcome

Your subscription

Included in this subscription:

COMMUNICATE ON ENERGYNEWS