Iran Press/ Europe: At the meeting, Riyadh also agreed to extend a production cut of 500,000 barrels per day — announced in April — through 2024.
In light of the continued commitment of the OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, and to provide long-term guidance for the market, and in line with the successful approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and Non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to:
1. Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019.
2. Adjust the level of overall crude oil production for OPEC and Non-OPEC Participating Countries in the DoC to 40.46 mb/d, starting 1 January 2024 until 31 December 2024, which to be distributed as per the attached table.
3. Reaffirm and extend the mandate of the Joint Ministerial Monitoring Committee (JMMC) and its membership, to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC and this Statement, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC is to be held every two months.
4. Hold the OPEC and Non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference.
5. Grant the JMMC the authority to hold additional meetings, or to request an OPEC and Non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
6. Reaffirm that the DoC conformity is to be monitored considering crude oil production, based on the information from secondary sources, and according to the methodology applied for OPEC Member Countries.
7. Reiterate the critical importance of adhering to full conformity, and subscribe to the concept of compensation by those countries who produce above the required production level as per the attached table, in addition to their already decided production levels.
8. Hold the 36th OPEC and Non-OPEC Ministerial Meeting on Sunday 26 November 2023, in Vienna.
Saudi Arabia said it would slash oil output by another one million barrels per day for at least a month starting in July as part of an effort by the OPEC+ group of leading producers to shore up crude prices.
Reuters, citing Russian Deputy Prime Minister Alexander Novak, reported that Moscow would extend its own production cut of 500,000 barrels per day through to the end of next year.
Other members of OPEC+ would also continue to curb output until the end of next year, Reuters reported.
OPEC Plus, which produces about 40% of the world’s crude oil, unexpectedly announced at the beginning of April that its members would cut output by 1.66 million barrels per day, on top of reductions of 2 million barrels per day unveiled in October.
Oil prices surged after the surprise April cut, reaching a peak later that month, but reversed course in subsequent weeks. On Friday, Brent crude, the global benchmark, rose above $76 a barrel, helped by bets that the Federal Reserve may hold off raising interest rates this month. However, it is still more than 11% down since the start of the year, and trading where it was before the April move by OPEC+.
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