April 4, 2024
1 min read

OPEC+ sticks to current output policy

The JMMC stated that 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 30th April 2024…reports Asian Lite News

The 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 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 the Republic of Iraq and the Republic of Kazakhstan pledge to achieve full conformity as well as compensate for overproduction. 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.

The JMMC stated that 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 30th April 2024.

The Committee noted that 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.

The Committee further stated that it will 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.

ALSO READ-OPEC seeks increased investments in oil industry

Previous Story

Abu Dhabi to deliver Tourism Strategy 2030

Next Story

Gold prices surged to an all-time high

Latest from -Top News

Modi Eyes Trade Deals in Maldives

PM Modi will arrive in Maldives on July 25 which would be the second and final leg of his two-nation visit, following the visit to the United Kingdom, starting Wednesday….reports Asian Lite

Russia Strikes Back at EU

The Council of the European Union approved the 17th and 18th packages of sanctions on Russia on May 20 and July 18…reports Asian Lite News Russia has significantly expanded its entry ban

PM Modi Due in UK

PM Modi’s visit to the UK, scheduled for July 23–24, comes at the invitation of British counterpart Keir Starmer and will be his fourth trip to the country….reports Asian Lite News Prime

Victory First, Then Peace?

Katz stressed the importance of meeting the war’s goals as set, primarily the return of all Israeli hostages and the surrender of Hamas….reports Asian Lite News Israeli Defence Minister Israel Katz said

US Brings Up Old Claim, India Pushes Back

US Raises Trump’s India-Pakistan Claim at UN; India Reaffirms Bilateral Stand…reports Asian Lite News The US brought President Trump’s May claim of resolving the India-Pakistan conflict to the Security Council, but New
Go toTop

Don't Miss

UAE pledges $2B for food parks in India

Hailing the initiative, US President Joe Biden said that with

Spanish PM Calls for Recognition of Palestinian State Amid Gaza Conflict

Spanish Prime Minister Pedro Sanchez on Wednesday reiterated the need