OPEC+ monitoring committee decides not to change oil production quotas – Kommersant
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The OPEC+ Monitoring Committee (JMMC) has not made recommendations on changing oil production quotas. This is stated in communiqué following the meeting.
“The Committee called on all participating countries to achieve full compliance and adhere to the compensation mechanism,” the statement said after the meeting. The JMMC reviewed crude oil production data for May and June 2023, it notes.
“The Committee reaffirmed the commitment of the member countries to the declaration of cooperation, which will last until the end of 2024,” OPEC said. The committee also thanked Russia for an additional 300,000 barrels per day (bpd) of voluntary export cuts in September. The next, 50th JMMC meeting is scheduled for October 4, 2023.
In August Russia announced on the extension of the voluntary reduction in oil supplies by reducing exports by 300 thousand b/d in September. Saudi Arabia, meanwhile, voluntarily lowered production by 1 million b/d in July and August. Earlier, the alliance of OPEC+ countries decided to reduce the level of oil production quotas for 2024 to 40.46 million bpd.
Read more in the publication “Kommersant” “And you, Urals, I will ask you to stay”.
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