The OPEC+ Committee confirmed its commitment to oil production plans for 2024
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The OPEC+ Monitoring Committee confirmed its commitment to the target level of oil production for 2024 – 40.46 million barrels per day (b/d), reported in communique organization following the 50th meeting of the committee.
“The Committee reaffirmed the commitment of its member countries to a declaration of cooperation that will last until the end of 2024, as agreed at the 35th OPEC and non-OPEC Ministerial Meeting on June 4, 2023,” the organization said in a statement.
The Committee also expressed gratitude to Saudi Arabia for its decision to voluntarily reduce production by 1 million bpd until December 2023 and Russia for extending the voluntary reduction in exports by 300 thousand bpd until the end of December 2023. The next committee meeting is scheduled for November 26, 2023.
In October 2022, OPEC decided to cut production by 2 million bpd. In May 2023, a group of countries led by Saudi Arabia announced a further reduction in production by more than 1 million bpd. June 4, 2023 OPEC+ countries at the ministerial meeting Deal adjust production for 2024 to 40.46 million bpd. According to the plan, Russia should produce 9.828 million bpd in 2024.
Earlier today, October 4, Russian Deputy Prime Minister Alexander Novak statedthat the Russian Federation will continue to reduce oil supplies to world markets by 300 thousand bpd until the end of December. According to him, in November the authorities will decide whether to increase the reduction or begin to increase oil production. Saudi Arabia will also consider this issue.
About the situation on the market – in the material “Kommersant” “IEA records underfilling”.
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