Skip to content

Energy

OPEC+ Latest: Group Agrees to Keep Oil Production Unchanged

Saudi Aramco's Shaybah oil field in the Rub' Al-Khali desert. — Saudi Aramco's Shaybah oil field in the Rub' Al-Khali desert.
Photographer: Simon Dawson/Bloomberg

By

Salma El Wardany,

Ben Bartenstein and

December 4, 2022, 6:45 AM UTCUpdated onDecember 4, 2022, 1:41 PM UTC

The OPEC+ alliance decided to maintain production at current levels, pausing to take stock of a global oil market that’s roiled by uncertainty over Chinese demand and Russian supply.

The 23-nation group, which held a roughly 20-minute online meeting, has only just started implementing the hefty 2 million barrel-a-day reduction agreed at its last gathering in October. The full impact of that cut is unclear amid severe gyrations in prices. After hitting the lowest level since September on Nov. 28, Brent crude ended up posting its biggest weekly gain in a month.