UNCHANGED PRODUCTION LEVEL. Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed to keep current oil production levels unchanged. Participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) noted the high conformity among members and the pledge of those who exceeded the cap to adjust future production. (WAM)
VIENNA – Participants of the 53rd Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the Organization of the Petroleum Exporting Countries and its allies, OPEC+, agreed to keep current oil production levels unchanged.
During the meeting, which took place via videoconference today, the JMMC reviewed the crude oil production data for January and February 2024, noting 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’s pledge to achieve full conformity as well as compensate for overproduction.
It 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 January, February, and March 2024, will submit their detailed compensation plans to the OPEC Secretariat by 30th April 2024, it said.
The Committee said it will continue to monitor the conformity of the production adjustments decided upon at the 35th ONOMM held on 4th 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.
It vowed to 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 1st June 2024. (WAM)
