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OPEC Plus Alliance Stresses Full Commitment to Oil Production Quotas

03-10-2024

The OPEC Plus Joint Ministerial Monitoring Committee (JMMC) stressed on Wednesday the importance of full compliance with oil production and compensation quotas and confirmed that it will continue to monitor compliance with the production adjustments agreed upon at the 37th meeting of the alliance held on June 2. The OPEC Plus Ministerial Committee added in a statement following its 65th meeting held via video that it will also continue to monitor additional voluntary production adjustments announced by some participating OPEC and OPEC Plus countries as agreed at the 52nd OPEC Ministerial Meeting held early last February. The statement said that the Joint Ministerial Monitoring Committee (JMMC) reserves the authority to convene additional meetings or request a ministerial meeting between OPEC and non-OPEC countries as stipulated during the 37th session of the JMMC held on June 2, 2024. The JMMC reviewed crude oil production data for July and August 2024 and current market conditions. During the meeting, Iraq, Kazakhstan and Russia confirmed that they have achieved full compliance and compensation according to the timetables submitted for September. The three countries confirmed their strong commitment to maintaining full compliance and compensation throughout the remaining period of the agreement, according to the statement of the Joint Committee. Final assessments of September crude oil production levels will be based on approved secondary sources providing data on production from the countries participating in the Declaration of Cooperation that will be available by the second week of October 2024. The Committee noted the three separate technical workshops between representatives from Iraq, Kazakhstan, Russia and secondary sources aimed at discussing the details of September production and presenting revised compensation plans that include excess production in August in accordance with the plans submitted to the OPEC Secretariat. The next meeting of the Joint Ministerial Technical Monitoring Committee (JMMC 57) is scheduled for early December 2024.