OPEC Plus extends oil output cuts till end of ’24

Oil ministers of the OPEC and non-OPEC oil producing alliance, known as OPEC Plus, extended on Sunday the participating countries voluntary oil crude production cuts till end of 2024.

In a press statement following their meeting in Vienna today, the ministers said they decided to “adjust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to 40.46 mb/d, starting 1 January 2024 until 31 December 2024”.

They argued that the move was taken in light of the continued commitment of the alliance to achieve and sustain a stable oil market and to provide long-term guidance for the market.

“And in line with the successful approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the DoC,” they added.

The ministers extended the mandate of the Joint Ministerial Monitoring Committee (JMMC) and its membership, to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC and this Statement, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat.

They pointed out that the JMMC would hold a meeting every two months and the OPEC and non-OPEC Ministerial Meeting (ONOMM) would be held every six months.

They granted the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.

The ministers re-affirmed that the DoC conformity is to be monitored considering crude oil production, based on the information from secondary sources, and according to the methodology applied for OPEC Member Countries.

They reiterated the critical importance of adhering to full conformity, and subscribe to the concept of compensation by those countries who produce above the required production level, in addition to their already decided production levels.

The ministers said the 36th OPEC and non-OPEC Ministerial Meeting would be held on Sunday 26 November 2023, in Vienna.

Source: Kuwait News Agency