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Welcoming a pledge to Iraq.. OPEC+ ministers decide to keep oil production policy unchanged
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Baghdad today - follow-up
Today, Wednesday (April 3, 2024), the Ministerial Committee of the Organization of the Petroleum Exporting Countries and its allies, OPEC+, kept its policy related to oil production unchanged.
During the fifty-third meeting of the Joint Ministerial Monitoring Committee, today, Wednesday, crude oil production data for the months of January and February of this year were reviewed, and the committee indicated that there is a commitment by countries to the agreed upon policies related to production.
The Committee welcomed the pledge of Iraq and the Republic of Kazakhstan to reach the agreed upon production rates and compensate for surplus production.
The Committee also welcomed Russia's announcement that voluntary adjustments in the second quarter of 2024 will be based on production rather than exports.
The committee explained that the participating countries that have excess production quantities during the months of January, February and March 2024 will submit their detailed compensation plans to the OPEC Secretariat by April 30, 2024.
The statement stated: “The committee will continue to monitor the compatibility of the scheduled production adjustments, the additional voluntary production adjustments announced by some OPEC and non-OPEC participating countries in April 2023, and subsequent adjustments in November 2023 and February 2024.”
The next meeting of the committee is scheduled to be held on June 1, 2024.
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