Alexander Novak chairs the 55th Meeting of the OPEC+ Joint Ministerial Monitoring Committee
The Joint Ministerial Monitoring Committee analysed data on the production of crude oil for May and June, 2024, and recorded its high compliance with the terms of the deal. The JMMC noted the assurances made by the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation to the effect that they had attained full conformity of their production levels to the declared quota, and welcomed their recent submission of plans to the OPEC Secretariat, meant to compensate for their overproduction since January 2024.
A number of OPEC+ members (Russia, Saudi Arabia, Algeria, Iraq, Kuwait, the UAE, Kazakhstan, and Oman), which previously had assumed voluntary commitments to additionally cut their oil production by 2.2 million barrels per day, declared that they could gradually adjust the deal’s parameters after September 2024 and raise their oil production levels subject to market conditions.
“The situation on the world oil markets is stable. The growth of demand at the end of 2024 is expected at the level of 2.2 million barrels per day. The meeting participants noted that the oil reserves were lower than the figures for five years. We have reaffirmed the decisions made at the ministerial meeting on 2 June concerning the overall restrictions on oil production being in effect until the end of 2025. The voluntary commitments to cut oil production assumed by certain countries, including Russia, shall be in effect until the end of the third quarter of this year. A partial increase in production is possible starting from the fourth quarter, if the demand-supply balance is favourable,” Alexander Novak said. He described the emerging market oil price ranging from 80 to 85 US dollars per barrel as comfortable for Russia.
The next, 56th meeting
of the OPEC+ Joint Ministerial Monitoring Committee, is scheduled for 2 October
2024.
