2024-10-04 06:50:00
OPEC + RUSSIA: FULL CONFORMITY
OPEC - 02 Oct 2024 - 56th Meeting of the Joint Ministerial Monitoring Committee
The Joint Ministerial Monitoring Committee (JMMC) reviewed the crude oil production data for the months of July and August 2024 and current market conditions.
During the meeting, the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation confirmed that they had achieved full conformity and compensation according to the schedules submitted for September. The three countries reiterated their strong commitment to maintaining full conformity and compensation throughout the remaining period of the agreement.
The final assessments of September crude oil production levels will be based on the approved secondary sources providing data on production of countries participating in Declaration of Cooperation (DoC), which will be available by the second week of October 2024.
The Committee noted the three separate technical workshops between representatives from the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation and the secondary sources aimed at discussing September production details and submitting their revised compensation plans that include the August overproduction as per the submitted plans to the OPEC Secretariat.
The JMMC emphasized the critical importance of achieving full conformity and compensation. It will continue to monitor adherence to the production adjustments agreed upon at the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM) held on 2 June 2024. The Committee will also continue to monitor the additional voluntary production adjustments announced by some participating OPEC and nonOPEC countries as agreed upon in the 52nd JMMC held on 1 February 2024.
Furthermore, the Committee will continuously assess market conditions.
The JMMC retains the authority to convene additional meetings or to request an OPEC and non-OPEC Ministerial Meeting, as established during the 37th ONOMM held on the 2 June 2024.
The next meeting of the JMMC (57th) is scheduled for 01 December 2024.
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Earlier:
2024, October, 1, 06:45:00
OPEC UNCERTAINTY
Global oil demand is now expected to grow by 0.9 to 1.2 million barrels per day (mbpd) in 2024, down from previous estimates of 1 to 1.3 mbpd, as per the poll.
2024, October, 1, 06:35:00
RUSSIAN OIL: ANY PRICE
"We can live through any price," Novak told Al Arabiya News in an interview published on Monday.
2024, October, 1, 06:30:00
РОССИЯ: 540 МЛН.Т.
Россия планирует до 2050 года сохранять полку добычи нефти на уровне 540 млн тонн в год, заявил первый заместитель министра энергетики Павел Сорокин на полях РЭН.
2024, September, 9, 06:55:00
OPEC+ PRODUCTION CUTS
In recognition of this strengthened resolve and renewed firm commitment, the eight participating countries have agreed to extend their additional voluntary production cuts of 2.2 million barrels per day for two months until the end of November 2024,
2024, September, 3, 06:40:00
OPEC+ PRODUCTION CAN RISE
Led by Saudi Arabia and Russia, the Organization of Petroleum Exporting Countries and its allies are due to add 180,000 barrels a day as they gradually restore output that’s been halted since 2022.
2024, August, 6, 06:55:00
OPEC+RUSSIA: HIGH CONFORMITY
The Joint Ministerial Monitoring Committee (JMMC) reviewed the crude oil production data for the months of May and June 2024 and noted the high overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).
2024, August, 6, 06:50:00
ОПЕК+РОССИЯ: ВЫСОКОЕ СООТВЕТСТВИЕ
Ряд государств, входящих в ОПЕК+ (Россия, Саудовская Аравия, Алжир, Ирак, Кувейт, ОАЭ, Казахстан и Оман), которые ранее взяли на себя обязательства добровольного дополнительного сокращения добычи нефти на 2,2 млн баррелей в сутки, объявили о том, что после сентября 2024 года могут постепенно корректировать параметры сделки и наращивать добычу нефти в зависимости от рыночных условий.
