OPEC+ leaves oil production policy unchanged

The Ministerial Committee of the Organization of Petroleum Exporting Countries and its allies, OPEC+, kept its policy related to oil production unchanged.

During the fifty-third meeting of the Joint Ministerial Monitoring Committee, today, Wednesday, crude oil production data for the months of January and February of this year were reviewed, and the committee indicated the presence of commitment by countries to the agreed upon policies related to production, as it noted the high level of commitment on the part of countries. OPEC members and non-OPEC countries that are parties to the Declaration of Cooperation.

The Committee welcomed the pledge of the Republic of Iraq and the Republic of Kazakhstan to achieve full compliance and compensation for the increased production. The Committee also welcomed the Russian Federation’s announcement that its voluntary adjustments, in the second quarter of 2024, will be based on the volume of production rather than the volume of exports.

OPEC said that the participating countries, whose production exceeded the agreed upon ceiling, will, during the months of January, February and March of 2024 AD, submit their detailed compensation plans to the OPEC General Secretariat by April 30, 2024 AD.

The committee explained that it will continue to monitor compliance with production adjustments, as agreed upon in the thirty-fifth ministerial meeting of OPEC member states and participating countries outside it, which was held on June 4, 2023, as well as additional voluntary production adjustments, announced by a number of OPEC member states and countries. Participation from outside it, in April 2023 AD, and the amendments that followed in November 2023 AD, and February 2024 AD.

The Committee will also continue to accurately assess market conditions, noting, in this, the readiness of the member states participating in the Declaration of Cooperation to deal with market developments, and their readiness to take additional measures, at any time, based, in this, on the strong cohesion between the member states of OPEC and the countries. Participation from outside.

The fifty-fourth meeting of the Joint Ministerial Committee for Production Monitoring is scheduled to be held on June 1, 2024.