2024-04-10 03:19:03
The ministers of the OPEC+ monitoring committee, co-chaired by Russia and Saudi Arabia, at a meeting on Wednesday did not give the alliance recommendations on changing the current oil production policy, follows from the OPEC press release following the meeting, Day.Az reports with reference to Interfax.
The next meeting is scheduled for June 1, 2024.
As stated in the OPEC message, the meeting participants noted the high degree of implementation of the deal by the alliance countries. The Committee welcomed the intentions of Iraq and Kazakhstan, which exceeded permitted production levels in the first months of 2024, to compensate for these volumes in the future. These countries must submit the corresponding plans to the alliance secretariat by April 30.
The ministers also welcomed Russia’s decision to switch to a real reduction in oil production in the second quarter of 2024 from a measure in the form of a reduction in export volumes.
The OPEC statement stressed that the committee will continue to carefully assess the market situation and is ready to respond to its developments by taking additional measures at any time, “building on the strong cohesion of OPEC and participating non-OPEC oil-producing countries.”