2024-08-06 06:55:00
OPEC+RUSSIA: HIGH CONFORMITY
OPEC - 01 Aug 2024 - 55th JMMC Meeting Highlights Commitment to Production Conformity and Continued Oil Market Assessment
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).
The Committee noted the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation assurance during the meeting to achieve full conformity and welcomed the recent submission of their compensation plans for the overproduced volumes since Jan 2024 to the OPEC Secretariat.
During today's meeting, the member countries that participated in the June 2nd, 2024 meeting in Riyadh along with Oman, reiterated that the gradual phase-out of the voluntary reduction of oil production could be paused or reversed, depending on prevailing market conditions. These countries had announced the extension of the voluntary reduction of oil production by 2.2 million barrels per day until the end of September 2024 and outlined plans for this reduction to be gradually phased out on a monthly basis until the end of September 2025.
The Committee will continue to monitor the conformity of the production adjustments decided at the 37th ONOMM held on the 2nd of June 2024, including the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries and will continue to closely assess market conditions.
The JMMC retains the authority to convene additional meetings or to request an OPEC and non-OPEC Ministerial Meeting, as outlined during the 37th ONOMM held on the 2nd of June 2024.
The next meeting of the JMMC (56th) is scheduled for 02 October 2024.
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Earlier:
2024, June, 5, 06:35:00
ОПЕК + РОССИЯ: 2025
Участники ОПЕК+ приняли решение продлить действующие в 2024 году целевые уровни по добыче нефти на весь 2025 год. При этом принято решение о частичном поэтапном восстановлении добровольных сокращений добычи начиная с октября 2024.
2024, June, 5, 06:30:00
OPEC+ RUSSIA: 2025
Extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as per the attached table starting 1 January 2025 until 31 December 2025.
2024, May, 15, 06:50:00
OPEC+ RUSSIA VS SANCTIONS
Novak is taking on additional responsibility for economic development and anti-sanctions measures after former economic development minister Andrey Belousov was named new defense minister in a dramatic change of guard during the third year of full-scale war in Ukraine.
2024, April, 8, 06:50:00
OPEC+ HIGH CONFORMITY
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.
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, 7, 06:50:00
OPEC+: HARD DECISION
These curbs on supply have helped prop up the price of crude for the past 18 months but left Saudi Arabia, which has cut its production by 2mn barrels a day, shouldering most of the cost.
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,
