OPEC+ keeps oil output levels unchanged

RIYADH — The Joint Ministerial Monitoring Committee (JMMC) of OPEC+ affirmed on Friday the current levels of oil production of the group and didn’t make any recommendation to change the output at this time.

Saudi Minister of Energy Prince Abdulaziz bin Salman chaired the 49th Meeting of the Joint Ministerial Monitoring Committee (JMMC) that took place via videoconferencing.

The JMMC reviewed the crude oil production data for the months of May and June 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC). The committee urged all participating countries to confrom and fully adhere to the compensation mechanism.

The committee reaffirmed the commitment of its member countries to the DoC which extends to the end of 2024 as agreed in the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on 4 June 2023. It also decided to adjust the frequency of the meetings to every two months for the JMMC and the authority of the JMMC to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting as agreed on in the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022.

The committee will continue to closely assess market conditions noting the willingness of the DoC member countries to address market developments and their readiness to take additional measures at any time in tandem with the strong cohesion of OPEC and non-OPEC countries.

The committee also expressed its full recognition and support for the efforts of Saudi Arabia to support the stability of the oil market and reiterated its appreciation for the Kingdom’s additional voluntary cut of 1 million barrels per day which it extended to the month of September.

The committee acknowledged the Russian Federation’s additional voluntary reduction of exports by 300 kbd for the month of September.

The next meeting of the JMMC (50th) is scheduled for 4 October 2023. — SG