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OPEC Plus confirms its readiness to take additional measures to maintain the stability of the global oil market

03-04-2024

The OPEC Plus coalition countries confirmed on Wednesday their readiness to take additional measures at any time to maintain the stability of the global oil market based on the strong cohesion between OPEC producers and the participating oil-producing countries outside of it that are part of this coalition. A statement issued by the organization’s media department stated that the Joint Ministerial Market Monitoring Committee held its 53rd ministerial meeting via video today to review production policies for the months of January and February. He said that the committee reviewed the crude oil production data for these two months and noted the high commitment of OPEC countries and non-OPEC member countries to the declaration of cooperation. The Committee welcomed the pledge of the Republic of Iraq and the Republic of Kazakhstan to achieve full compliance and compensation for surplus production. The Committee also welcomed the Russian Federation's announcement that its voluntary adjustments in the second quarter of 2024 will be based on production rather than exports. The statement indicated that the participating countries that have excess production quantities will submit their detailed compensation plans for the months of January, February and March 2024 to the OPEC secretariat by April 30. The committee will continue to monitor the compatibility of the production adjustments decided at the 35th Monitoring Committee meeting held on June 4, 2023, and the additional voluntary production adjustments announced by some OPEC and non-OPEC participating countries in April 2023 and subsequent amendments in November 2023 and February 2024. The next meeting of the Joint Ministerial Market Oversight Committee is scheduled to be held on June 1.