BAKU, Azerbaijan, June 4. The overall crude oil production level for both OPEC and non-OPEC Participating Countries in the DoC will be set at 40.46 million barrels per day from January 1, 2024, until December 31, 2024, Trend reports.
As the statement of the block, following the 35th Ministerial Meeting said, By the end of June 2024, an evaluation will be conducted on all OPEC and non-OPEC Participating Countries in the Declaration of Cooperation.
This assessment will be carried out by three independent sources, namely IHS, Wood Mackenzie, and Rystad Energy, who specialize in oil upstream sources. The purpose of this evaluation is to determine each country's production capacities, which will serve as the basis for establishing the reference production levels for the year 2025.