OPEC+ group's oil decision

It was stated that the OPEC+ group, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, will continue its policy of reducing oil production until April 3. In a written statement from the OPEC+ group, it was stated that the Production Monitoring Committee reviewed the crude oil production data for the months of November and December 2023 and observed that the members of the group largely complied with the decisions taken regarding production. It was noted that the production reduction policy was in line with the developments in the world oil market and therefore this policy will be maintained until the meeting to be held on April 3. The OPEC+ group announced that it would cut production by 2 million barrels per day in November 2022 and decided to make an additional cut of approximately 1.6 million barrels per day as of May. In addition, 9 member countries have made voluntary cuts of varying amounts since July 2023.