OPEC+ adjusts output targets for 2024

Photo taken on Sept. 5, 2022 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. (Photo by Wang Zhou/Xinhua)

In the statement, OPEC+ reiterated its efforts to "achieve and sustain a stable oil market, and to provide long-term guidance for the market."

VIENNA, June 4 (Xinhua) -- The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, on Sunday agreed to adjust their overall production level to 40.46 million barrels per day (bpd) next year.

The oil-producer alliance announced the decision in a statement released after the 35th OPEC+ ministerial meeting held in Vienna earlier in the day.

In the statement, OPEC+ reiterated its efforts to "achieve and sustain a stable oil market, and to provide long-term guidance for the market."

Last October, OPEC+ slashed its production targets for 2023 (between November 2022 to December 2023) to 41.86 million bpd. In April this year, the alliance announced a further voluntary output reduction of 1.66 million bpd.

OPEC+'s latest decision came amid sliding oil prices in recent weeks. The alliance's surprise production cuts in early April had pushed up oil prices to above 85 U.S. dollars a barrel, but the prices swiftly retreated and have been hovering just above 70 U.S. dollars a barrel in recent days under pressure from lingering concerns over the economic outlook and demand.

A car is fueled at a gas station in Arlington, Virginia, the United States, Feb. 14, 2023. (Xinhua/Liu Jie)

Following OPEC+'s announcement on Sunday, Saudi Arabia's energy ministry announced a further cut of oil production by 1 million bpd, which will start in July for a month that can be extended, the Saudi Press Agency reported.

The Saudi energy ministry said the voluntary output reduction is in line with the agreement reached in the OPEC+ ministerial meeting.

The United States and other Western countries have for months accused OPEC+ of pushing up oil prices and fueling inflation with its production cuts, whereas OPEC+ has insisted that the cuts have been made to stabilize the oil market where demand has weakened amid a worsening global economic outlook.

The OPEC+ countries on Sunday also decided to hold the group's ministerial meeting every six months. The next meeting for the OPEC+ oil and energy ministers will convene on Nov. 26.

Photo taken on Oct. 5, 2022 shows the headquarters of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria. (Photo by Wang Zhou/Xinhua)