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(OPEC+) decides to keep the current oil production policies unchanged

04-10-2023

The Joint Ministerial Committee for Production Monitoring, emanating from the OPEC+ alliance, decided on Wednesday to keep the current oil production policies of the alliance countries unchanged. The General Secretariat of the Organization of Petroleum Exporting Countries (OPEC) stated in a statement issued in Vienna that the Joint Ministerial Committee reviewed, during its 50th meeting held online, the crude oil production data for the months of July and August 2023, and indicated the general conformity of the OPEC countries and non-member countries with what was stated in the Declaration of Cooperation. Between them. The Committee urged all participating countries to achieve full compliance and adherence to the compensation mechanism. The committee reaffirmed the commitment of its member states to reduce production rates until the end of 2024, as agreed upon in the 35th ministerial meeting of OPEC and non-OPEC producers, which was held on the fourth of last June. The statement also indicated amending the frequency of monthly meetings of the Joint Ministerial Committee for Market Monitoring to become every two months, with the possibility of holding additional meetings or requesting a ministerial meeting for OPEC and non-OPEC producers when necessary. He stated that the committee will continue to closely evaluate market conditions, address its developments, and prepare to take additional measures at any time based on the strong cohesion of the organization and the participating oil-producing countries that are not members of OPEC. The committee also expressed its full appreciation and support for the efforts of the Kingdom of Saudi Arabia aimed at supporting the stability of the oil market and reiterated its appreciation for the Kingdom’s additional voluntary reduction of one million barrels per day and its extension until the end of December 2023. The committee also praised the role of the Russian Federation in extending its additional voluntary reduction in exports by 300,000 barrels per day until the end of December 2023. The next 51st meeting of the Joint Ministerial Committee for Production Monitoring is scheduled to be held on November 26. Deputy Prime Minister, Minister of Oil, and Minister of State for Economic Affairs and Investment, Dr. Saad Al-Barrak, confirmed in a statement after heading the Kuwaiti delegation participating in the meeting of the Joint Ministerial Committee for Monitoring Production via visual communication technology that the oil market is moving in the right direction by balancing supply and demand. Al-Barrak said in the statement, which was reported by a statement issued by the Ministry of Oil, that the world is required to increase investment in all types of energy sources, including oil, to ensure meeting the needs of growing demand, recovery of the global economy, and energy security. He stated that the OPEC+ cuts are necessary to achieve stability in the market, praising the precautionary measures taken by OPEC+ to confront the challenges facing the global oil market.