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.

US sanctions on Iran have not worked as intended, in part because comprehensive sanctions are so difficult to remove that they no longer motivate Iran to change its behavior

The Turkish government has decided that Rosatom will build the country’s second NPP,

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.

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.

Ample supplies have anchored international oil prices near $80 a barrel this year, even as conflict in the Middle East disrupts regional shipping.

Qatar’s push highlights the importance of gas for the country. Exports of the fuel are the country’s biggest revenue earner which has already made it one of the wealthiest countries and helped boost its global clout since it started shipments about two decades ago.

India has remained neutral in the West’s standoff with Russia following the invasion of Ukraine, seeing it as an opportunity to buy discounted Russian barrels.

The Committee will continue to closely assess market conditions. Building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries,

The US was the supplier of 56% of the total, with some 14% coming from Russia and 10% from Algeria. Notably, around 7% was also originating from Qatar and 4% from Nigeria.

“Right now, we have 22.8 GW of renewable energy projects under different stages of development; 2.8 GW will be operational before the end of the year,” Muneef Al-Muneef, general director of renewable energy policies at the Saudi Ministry of Energy.

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.

China, which has been promoting the yuan’s use in transactions with major energy and commodity exporters, is Saudi Arabia’s biggest trade partner.

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.

Puri has long called for OPEC and its allies led by Russia, known as OPEC+, to consider how their policies affect oil-consuming countries.