OPEC Plus emphasis on adherence to the agreement and continuous evaluation of the market
According to Mehr News Agency to Quotation from the Ministry of Oil 55th meeting of the joint ministerial working group to monitor the agreement between OPEC and non-OPEC producers (OPEC Plus) on August 1, 2024 (Thursday, 11 August) was held through video conference.
While reviewing crude oil production data in May and June 2024, this working group emphasized the adherence of all OPEC+ members to the cooperation statement.
The ministerial working group for monitoring the OPEC+ agreement welcomed the commitment of Iraq, Kazakhstan and Russia to achieve full compliance and submit a plan to compensate for the violation of the production quotas set for the volume of production beyond the quota in January 2024.
In this meeting, those members who gathered in Riyadh on June 2, 2024, once again emphasized that the process of gradually easing the reduction of voluntary oil supply can be stopped or reversed depending on the conditions governing the oil market.
OPEC Plus members (a coalition of producers of the Organization of the Petroleum Exporting Countries-OPEC and Non-OPEC) at the 37th ministerial meeting of this coalition agreed to reduce most of their oil supply until 2025. to extend, but the way to facilitate the reduction of the voluntary supply of additional eight countries was opened from October this year.
These countries decided, in addition to the decision of the thirty-seventh OPEC Plus ministerial meeting (maintaining the collective daily supply reduction of 2 million barrels), the voluntary daily supply reduction of 1,650,000 barrels that was announced in April 2023. to extend until the end of December 2025.
The 37th meeting of OPEC+ oil and energy ministers was held on June 2 (June 13) via video conference, but the eight OPEC+ members who have committed to further voluntary supply cuts gathered in Riyadh, this group of Members will extend their 2,200,000 barrels per day voluntary excess supply cuts announced in November 2023 until the end of September 2024, after which the figure will be gradually eased on a monthly basis until September 2025 to support oil market stability. The process of this easing of monthly supply reduction can be stopped or reversed according to the conditions of the oil market.
This working group also continued to monitor member countries’ adherence to the agreed supply reduction program during the 37th meeting of OPEC and non-OPEC Oil and Energy Ministers (ONOMM) on the second June 2024 and the reduction of voluntary supply by a number of members of the OPEC Plus coalition emphasized.
The aforementioned working group, while carefully assessing the conditions of the global crude oil markets, as emphasized in the 37th OPEC Plus ministerial meeting, the authority to hold additional meetings and at the same time request to hold a meeting of the oil and energy ministers of the member countries. will have.
The fifty-sixth meeting of the ministerial working group for monitoring the OPEC+ agreement is scheduled for October 2, 2024 (11 Mehr 1403).
