2023-08-11 06:50:00
OPEC+: TO THE END OF 2024
OPEC - 04 Aug 2023 - 49th Meeting of the Joint Ministerial Monitoring Committee
The 49th Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Friday, 04 August 2023.
The JMMC reviewed the crude oil production data for the months of May and June 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC). The committee urged all participating countries to achieve full conformity and adhere to the compensation mechanism.
The committee reaffirmed the commitment of its member countries to the DoC which extends to the end of 2024 as agreed in the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on 4th of June 2023. It also noted to adjust of the frequency of the monthly meetings to become every two months for the JMMC and the authority of the JMMC to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting as agreed on in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022.
The committee will continue to closely assess market conditions noting the willingness of the DoC countries to address market developments and stand ready to take additional measures at any time, building on the strong cohesion of OPEC and participating non-OPEC oil-producing countries. The committee also expressed its full recognition and support for the efforts of the Kingdom of Saudi Arabia aimed at supporting the stability of the oil market and reiterated its appreciation for the Kingdom’s additional voluntary cut of 1 million barrels per day and for extending it for the month of September. The committee also acknowledged the Russian Federation for its additional voluntary reduction of exports by 300 kbd for the month of September.
The next meeting of the JMMC (50th) is scheduled for 04 October 2023.
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Earlier:
2023, July, 7, 06:53:00
OPEC+ STABILIZE MARKET
UAE energy minister Suhail al-Mazrouei said the voluntary OPEC+ cuts would bear fruit soon and blamed the current market malaise on the disconnect between physical and paper traders.
2023, June, 9, 06:50:00
OPEC+ RUSSIA: 40.46 MBD
Adjust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC to 40.46 mb/d, starting 1 January 2024 until 31 December 2024, which is to be distributed as per the attached table.
2023, May, 26, 06:55:00
OPEC+ RUSSIA: NO CHANGES
Earlier this year Russia introduced a voluntary cut of 500,000 b/d from March after EU sanctions on imports of most Russian oil and G7 price caps came into force.
2023, April, 7, 07:30:00
OPEC+: (- 3.6) MBD
This will bring the total additional voluntary production adjustments by the above-mentioned countries to 1.66 million b/d.
2023, February, 17, 11:10:00
OPEC+ OIL DEAL CONTINUING
In October, OPEC and its partners took the unusual step of assigning fixed production targets for a full year ahead. Key officials have indicated they intend to leave the quotas unchanged throughout 2023, and the comments from Prince Abdulaziz bin Salman are the most emphatic to date.
2023, February, 6, 13:10:00
OPEC+ IS CAREFUL
OPEC+ is a 23-country bloc of oil producing countries co-chaired by Saudi Arabia and Russia. It agreed in October to slash quotas by 2 million b/d from November until the end of 2023.
2023, February, 3, 11:45:00
OPEC+ WITHOUT CHANGES
JMMC reaffirmed their commitment to the DoC which extends to the end of 2023 as agreed in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022,
