ASTANA, Kazakhstan, April 3. The 53rd Meeting of the Joint Ministerial Monitoring Committee OPEC+ (JMMC), which took place on April 3 via videoconference, praised Iraq and Kazakhstan's commitment to achieve full conformity and compensate for overproduction, Trend reports, citing OPEC.
The Committee also applauded the Russian Federation's statement
that its voluntary adjustments for the second quarter of 2024 will
be based on output rather than exports.
During the videoconference, the JMMC reviewed crude oil production
data for January and February 2024 and highlighted that
participating OPEC and non-OPEC countries were in high compliance
with the Declaration of Cooperation (DoC).
Additionally, member countries with outstanding overproduction
quantities for the months of January, February, and March 2024 will
submit detailed compensation plans to the OPEC Secretariat by April
30, 2024.
The Committee will continue to monitor the conformity of the production adjustments decided upon at the 35th ONOMM held on June 4, 2023, the additional voluntary production adjustments announced by some participating OPEC and participating non-OPEC countries in April 2023, and the subsequent adjustments in November 2023 and February 2024.
In addition, the Committee will continue to closely assess market conditions and note the willingness of the DoC countries to address market developments and their readiness to take additional measures at any time, building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries.
At the end, it was decided that the next meeting of the JMMC (54th) is scheduled for June 1, 2024.