The Organization of the Petroleum Exporting Countries and its allies (Opec+) have reached an agreement at its Joint Ministerial Monitoring Committee (JMMC) meeting to keep the current oil production levels unchanged. 

 

During the 53rd JMMC meeting which took place via videoconference today (April 3), the participants reviewed the crude oil production data for the months of January and February 2024, noting to the high conformity for participating Opec and non-Opec countries of the Declaration of Cooperation (DoC).

 

The committee welcomed Iraq and 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.

 

At the meeting, the 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 April 30.

 

The committee noted that it will continue to monitor the conformity of the production adjustments decided upon at a crucial meeting held on June 4, last year and the additional voluntary production adjustments announced by some participating Opec and participating non-Opec countries in April last year, and the subsequent adjustments in November 2023 and February 2024.

 

The committee members pointed out that it will continue to closely assess market conditions and 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.-TradeArabia News Service