Alexander Novak chairs the 56th Meeting of the OPEC+ Joint Ministerial Monitoring Committee
Alexander Novak chairs the 56th Meeting of the OPEC+ Joint Ministerial Monitoring Committee
Alexander Novak chairs the 56th Meeting of the OPEC+ Joint Ministerial Monitoring Committee
Alexander Novak chairs the 56th Meeting of the OPEC+ Joint Ministerial Monitoring Committee
The Ministerial Monitoring Committee analysed the data on crude oil production in July and August of 2024 as well as the world oil market situation.
“We have recorded a high level of compliance with the terms of the deal by its parties. The participants discussed the current situation on the world markets and economic development forecasts. This year the increase in global oil consumption will amount to approximately 1.8 million barrels per day. At the same time, the overall demand this year is higher than in previous years, when it averaged 1–1.1 million bpd. This indicates a growing economy and increased demand in many regions of the world, including in the People’s Republic of China and the United States. This is why we have an optimistic view of the growing oil consumption in the world,” said Deputy Prime Minister of the Russian Federation Alexander Novak. He added that the gradual oil production recovery based on the lifting of voluntary cuts in oil production by some countries should start from December 1, depending on the market situation following a study of the supply and demand balance.
The Ministerial Monitoring Committee underscored the utter importance of achieving full compliance with the oil production cuts agreement by all the participating countries. The Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation have confirmed full compliance with the August overproduction offsetting requirements as evidenced by the September production charts submitted to the OPEC Secretariat. The countries further acknowledged their readiness to maintain full compliance with the requirements of the OPEC+ deal.
The next, 57th meeting of the OPEC+ Joint Ministerial Monitoring Committee, is scheduled for December 1, 2024.
