OPEC+ Committee has not made new recommendations on oil production quotas

The Monitoring Committee of Ministers of the OPEC+ countries did not make new recommendations on changing oil production quotas. This should from the message of the organization following the results of the 49th meeting, which took place on August 4.

“The Committee reviewed the oil production data for May and June 2023 and noted the overall compliance of participating OPEC and non-OPEC countries with the declaration of cooperation. The Committee called on all participating countries to achieve full compliance and adhere to the compensation mechanism,” the association said in a statement.

The Committee acknowledged Saudi Arabia for voluntarily reducing oil production by 1 million barrels per day in September. The committee also thanked Russia for the additional reduction in exports in September. The next committee meeting is scheduled for October 4.

At the same time, the committee reaffirmed the commitment of the member countries to the agreement, which was adopted on June 4 and which extends until the end of 2024. Then, following the meeting of OPEC+ ministers, an agreement was reached to reduce the oil production quota by 1.6 million barrels per day ( to 40.46 million barrels per day) from January 2024

On the eve of Deputy Prime Minister Alexander Novak informedthat Russia will extend the cut in oil exports to September by 300,000 barrels per day. In August, Russia should cut supplies by 500,000 barrels per day. In February 2023, Novak announced that Russia would voluntarily cut oil production in March by 500,000 barrels per day. In April he clarified that the voluntary cut in oil production will be extended until the end of 2023.

Saudi Arabia will extend a voluntary cut in oil production by 1 million barrels per day until September. As a result, in September, daily production in the country will be approximately 9 million barrels, reported Saudi Press Agency (SPA).