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(OPEC): The OPEC+ Market Monitoring Committee holds a meeting to review production levels

01-02-2024

The Organization of the Petroleum Exporting Countries (OPEC) announced that the Joint Ministerial Market Monitoring Committee emanating from the OPEC+ alliance held its 52nd meeting today, via video conference technology, to review production levels. The OPEC media department stated in a statement that the committee reviewed crude oil production data for the months of November and December 2023 and stressed that there is a high commitment by the coalition countries to what was stated in the declaration of cooperation between them. The statement indicated that the committee will continue to monitor the compatibility of the production adjustments that were decided at the committee’s 35th meeting on the fourth of last June and the additional voluntary production adjustments announced by some participating countries in (OPEC) and participating countries from outside it. He pointed out that the committee will continue to closely evaluate market conditions, based on the strong cohesion between OPEC and the participating oil-producing countries outside the organization within the framework of (OPEC+). The statement expressed the readiness of the countries of the Declaration of Cooperation to address market developments and their readiness to take additional measures at any time. The next meeting of the Joint Ministerial Market Oversight Committee is scheduled to be held on the third of next April. It is noteworthy that the OPEC+ alliance, during its last meeting in December, reaffirmed its previous decisions, including amending the frequency of the monthly meetings of the Joint Ministerial Committee for Monitoring Production to be every two months, while granting the committee the authority to hold additional meetings or request that a ministerial meeting be held for member states at any time to deal with it. With any developments that may occur in the market.