Monday, April 15, 2024

OPEC applauds member countries on production compliance

The Joint Ministerial Monitoring Committee of the Organisation of Petroluem Exporting Countries has reviewed the crude oil production data for January and February 2024 and noted the high conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation.

The 53rd Meeting of the Joint Ministerial Monitoring Committee took place via videoconference on Wednesday.

The Committee welcomed the Republic of Iraq and the Republic of Kazakhstan pledge to achieve full conformity as well as compensate for overproduction. The Committee also welcomed the announcement by the Russian Federation that its voluntary adjustments in the second quarter of 2024 will be based on production instead of exports.

“Participating countries with outstanding overproduced volumes for January, February and March 2024 will submit their detailed compensation plans to the OPEC Secretariat by 30 April 2024.

“The Committee will continue to monitor the conformity of the production adjustments decided upon at the 35th ONOMM held on 4 June 2023, the additional voluntary production adjustments announced by some participating OPEC and participating non-OPEC countries in April 2023, and the subsequent adjustments in November 2023 and February 2024,” the Committee disclosed in a communiqué.

JMMC said it will continue to closely assess market conditions and noted the willingness of the DoC countries to address market developments and their readiness to take additional measures at any time building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries.

The next meeting of the JMMC (54th) is scheduled for June 1, 2024.

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