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(OPEC +) agrees to extend the voluntary reduction in production until the end of 2024

05-06-2023

The oil ministers of the (OPEC +) alliance agreed in Vienna today, Sunday, to extend the voluntary reduction in production and adjust the production baselines of their countries until the end of 2024. And the final statement issued by the coalition countries stated that the total level of crude oil production for the member states of the Organization of the Petroleum Exporting Countries (OPEC) and non-members of the organization will be adjusted to 40.46 million barrels per day, starting from January 1, 2024 until December 31, 2024. In their statement, the coalition countries reaffirmed the framework of the Cooperation Declaration signed on December 10, 2016, and its ratification in subsequent meetings, as well as the Cooperation Charter signed on July 2, 2019. According to accounts published by the media, (OPEC +) will have reduced its oil production for the year 2024 by 1.4 million barrels per day, compared to current production levels. The coalition countries also reaffirmed and expanded the mandate of the Joint Ministerial Monitoring Committee (JMMC) and its members to closely review global oil market conditions and oil production levels, taking into account crude oil production based on information received from secondary sources, according to the methodology applied in OPEC member states. . The committee will continue to hold its meetings periodically every two months, and the ministerial meeting of the (OPEC +) coalition will be held every six months. It was also decided to grant the Monitoring Committee the authority to hold additional meetings or request a ministerial meeting of OPEC and non-members of (OPEC) at any time to address market developments whenever necessary. The critical importance of adhering to full compliance and participating in the concept of compensation by those countries that produce above the required level of production in addition to the production levels that have already been determined was also reaffirmed. The 36th OPEC and non-OPEC ministerial meeting is scheduled to be held on November 26, 2023 in Vienna.