Alexander Novak chairs 50th meeting of Joint Ministerial Monitoring Committee of OPEC+ countries
Alexander Novak chairs 50th meeting of Joint Ministerial Monitoring Committee of OPEC+ countries
Alexander Novak chairs 50th meeting of Joint Ministerial Monitoring Committee of OPEC+ countries
Deputy Prime Minister Alexander Novak co-chaired the 50th meeting of the Joint Ministerial Monitoring Committee of the OPEC+ countries.
The Joint Ministerial Monitoring Committee of the OPEC+ countries recommended maintaining the current parameters of the agreement to limit oil production adopted in June at the ministerial meeting of the OPEC+ countries. The Committee analysed data on crude oil production for July and August 2023 and recorded compliance with the terms of the agreement to limit oil production. The alliance participants must achieve full compliance with the terms of the agreement and adhere to the compensation mechanism. The agreement is in effect until the end of 2024.
According to Alexander Novak, the agreements reached on the voluntary reduction of production are being implemented in full by all countries that have undertaken these obligations. This cooperation has helped balance the market.
“Russia has fully complied with the terms of the agreement; it has reduced production by 500,000 barrels per day and export supplies by 300,000 barrels per day,” he said. The Deputy Prime Minister noted an increase in demand for oil in the summer. At the end of the year, it was growing at a record pace of 2.4 million barrels per day, compared to 1 million bpd a year before the pandemic. At the end of the year, demand will be 102.4 million barrels per day. The decision to voluntarily reduce supplies will be reviewed in November. Depending on the market situation, a decision may be made to further reduce or increase production.
“The committee will continue to closely assess market conditions noting the willingness of the DoC countries to address market developments and stand ready to take additional measures at any time, building on the strong cohesion of OPEC and participating non-OPEC oil-producing countries,” according to the statement released following the meeting.
