OPEC + committee keeps watching market conditions, confirms ‎readiness to face developments

Joint Ministerial Committee for Production Monitoring, in the OPEC+, discussed crude oil production data for the months of May and June of 2023 AD, during its 49th meeting, which was held today, Friday, via video conference, where it praised the commitment of the member states of the organization and countries outside it to the declaration of cooperation, It urged all participating countries to continue to fully comply with the compensation mechanism.

The members of the Ministerial Committee reaffirmed their commitment to the declaration of cooperation, which will continue until the end of 2024 AD, as agreed upon at the thirty-fifth ministerial meeting of OPEC member states and participating countries from outside it, which took place on June 4, 2023 AD.

The committee noted the amendment of the periodic meetings of the Joint Ministerial Committee for Production Control, to be every two months, with the committee being given the authority to hold additional meetings, or to request a meeting of OPEC member states and participating countries from outside it, as agreed upon in the thirty-third ministerial meeting to the member states of OPEC and the participating countries from outside it, which was held on October 5, 2022 AD, provided that the committee continues to assess the market conditions.

The committee indicated the readiness of the member states participating in the declaration of cooperation to face developments in the market, and their readiness to take additional measures at any time, based on the consensus and cohesion between the member states of OPEC and the participating countries from outside.

The committee expressed its full appreciation and support for the efforts of the Kingdom of Saudi Arabia aimed at supporting the stability of oil markets, and reaffirmed its appreciation for the Kingdom’s voluntary reduction of one million barrels per day, and its extension of this reduction for the month of September. The committee also commended the efforts of the Russian Federation to reduce its additional voluntary exports, amounting to 300 thousand barrels per day for the month of September.

The Joint Ministerial Committee for Production Control announced that it would hold its fiftieth meeting on October 4, 2023.