The OPEC+ monitoring committee did not recommend changes in oil production volumes

The meeting of the OPEC+ monitoring committee ended in Vienna. Following the meeting, the committee noted the high degree of implementation of the deal by the alliance countries. The OPEC+ committee did not give recommendations on changing the volume of oil production, the organization’s press service reported.

The Monitoring Committee approved the decisions of Kazakhstan and Iraq to compensate for their exceeded recommended levels of oil production in the first months of 2024. “Member countries with outstanding overproduction volumes for January, February and March 2024 will submit their detailed compensation plans to the OPEC Secretariat by April 30, 2024,” it says. message.

The Committee also welcomed Russia’s decision to switch to a real reduction in oil production in the second quarter of 2024 from a measure in the form of a reduction in export volumes.

Russia will further reduce oil production and exports by a total of 471 thousand bpd in the second quarter of 2024 in coordination with some OPEC+ member countries, Deputy Prime Minister Alexander Novak said in early March.

International Energy Agency March 14 reportedthat the global oil market will face a supply shortage in 2024 instead of the expected surplus. The agency cited the reduction in oil production by OPEC+ countries as the reason for this.

Russian President Vladimir Putin declared in March that the Russian Federation risks losing its share in the global oil market. According to him, Russia continues to reduce oil production, while other countries are only increasing it.

About the situation with oil production – in the publication “Kommersant” “OPEC+ will continue production cuts until the summer”.

Evgeny Belousov