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Informist, Thursday, Oct. 3, 2024

 

MUMBAI – The Joint Ministerial Monitoring Committee of the Organization of the Petroleum Exporting Countries Wednesday kept its policy of rolling back some of the voluntary cuts from December unchanged. The committee met to review the crude oil production data for the months of July and August and current market conditions, according to an official release.

 

During the meeting, the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation reiterated their strong commitment to maintaining full conformity and compensation throughout the remaining period of the agreement, according to the release. These three nations promised to cut oil output to compensate for overproduction.

 

The committee noted the three separate technical workshops between representatives from Iraq, Kazakhstan, and Russia and the secondary sources aimed at discussing September production details. They also submitted their revised compensation plans that include for the August overproduction to the OPEC Secretariat, according to the release.

 

The final assessments of September crude oil production levels will be based on the approved secondary sources providing data on production of countries participating in the Declaration of Cooperation, which will be available by the second week of October, according to the release.

 

Iraq and Kazakhstan have been repeat offenders this year of not complying with the output cut quotas. Since February, eight OPEC plus members, including Saudi Arabia and Russia, have been voluntarily cutting their output by a combined 2.2 million barrels per day.

 

The committee emphasised the critical importance of achieving full conformity and compensation. It will continue to monitor adherence to the production adjustments agreed upon at the 37th OPEC and non-OPEC Ministerial Meeting held on Jun. 2, according to the press release. Furthermore, it will continue to monitor the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries as agreed upon in the 52nd Joint Ministerial Monitoring Committee held on Feb. 1, it said.

 

Meanwhile, the Committee will continuously assess market conditions. OPEC's Joint Ministerial Monitoring Committee will hold its next meeting on Dec 1, it said.

 

At the time of writing, the price of Brent crude oil on the Intercontinental Exchange was $76.61 per barrel, up 2.7% from the previous close.  End

 

US$1=INR 83.96

 

Reported by Taniva Singha Roy

Edited by Ashish Shirke

 

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