Deputy Prime Minister Alexander Novak summed up the results of the 53rd meeting of the OPEC+ Joint Ministerial Monitoring Committee.
The Joint Ministerial Monitoring Committee analysed data on crude oil extraction in January and February 2024 and recorded high compliance with the terms of the deal.
The committee welcomed the Russian Federation’s statement that its voluntary adjustments in the second quarter of 2024 will be based on production rather than exports, meaning previously concluded agreements, under which Russia will voluntarily reduce production by 471,000 barrels per day in the second quarter of 2024 in coordination with certain OPEC+ member countries.
Iraq and Kazakhstan expressed their readiness to achieve full compliance with the terms of the deal in accordance with the countries’ quotas, as well as compensate for overproduction. Member countries with oil overproduction arrears for January, February and March 2024 must submit their detailed compensation plans to the OPEC Secretariat by 30 April 2024.
“The Ministerial Monitoring Committee will continue to monitor how the members implement their plans to adjust oil production adopted by the countries, which signed the agreement, for June 2023 – February 2024. The OPEC+ members intend to continue to respond to changes in the market and take additional measures if necessary, relying on the strong unity between all parties to the deal,” Alexander Novak said.
The next, 54th meeting of the OPEC+ Joint Ministerial Monitoring Committee is scheduled for 1 June 2024.
