2024-04-08 06:50:00
OPEC+ HIGH CONFORMITY
OPEC - Vienna, Austria, 03 Apr 2024 -- 53rd Meeting of the Joint Ministerial Monitoring Committee
The 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) took place via videoconference on Wednesday, 03 April 2024.
The JMMC reviewed the crude oil production data for the months of January and February 2024 and noted the high conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).
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 the months of 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, and 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 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 01 June 2024.
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Earlier:
2024, March, 7, 06:55:00
OPEC+ VOLUNTARY CUTS
These voluntary cuts are calculated from the 2024 required production level as per the 35th OPEC Ministerial Meeting held on June 4, 2023, and are in addition to the voluntary cuts previously announced in April 2023 and later extended until the end of 2024.
2024, March, 5, 06:45:00
OPEC+ OIL WILL DOWN
Ample supplies have anchored international oil prices near $80 a barrel this year, even as conflict in the Middle East disrupts regional shipping.
2024, February, 9, 06:50:00
ОПЕК+ РОССИЯ - 1,7 МБД
Объём добровольного сокращения добычи нефти участниками сделки в I квартале 2024 года составляет 1,7 млн баррелей в сутки, Россия также добровольно сокращает экспорт нефти на 500 тыс. баррелей в сутки в первые три месяца текущего года.
2024, February, 9, 06:45:00
OPEC + RUSSIA COHESION
The Committee will continue to closely assess market conditions. Building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries,
2023, December, 6, 06:55:00
ОПЕК+ В ПОЛНОМ ОБЪЕМЕ
Россия, Саудовская Аравия и другие взявшие на себя обязательства по добровольному сокращению добычи нефти страны – участницы соглашения выполняют свои договорённости в рамках ОПЕК+ в полном объёме.
2023, December, 6, 06:50:00
OPEC+ CUTS 2.2 MBD
These additional voluntary cuts are announced by the following OPEC+ countries : Saudi Arabia (1,000 thousand b/d); Iraq (223 thousand b/d); United Arab Emirates (163 thousand b/d); Kuwait (135 thousand b/d); Kazakhstan (82 thousand b/d); Algeria (51 thousand b/d); and Oman (42 thousand b/d) starting 1st of January until the end of March 2024.
2023, November, 27, 06:55:00
OPEC+ ONLINE MEETING
With global oil demand set to moderate in the first quarter of 2024, the OPEC+ alliance appears set to extend its production cuts, though the duration is yet to be determined, analysts say. As well, deeper cuts could be considered, some OPEC+ officials have hinted.
