OPEC+ may halt, reverse voluntary cuts on market dynamics

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The Joint Ministerial Monitoring Committee (JMMC) reviewed the crude oil production data for May and June 2024, highlighting the high level of compliance from OPEC and non-OPEC members.  

 “During today's meeting, the member countries that participated in the June 2, 2024 meeting in Riyadh along with Oman, reiterated that the gradual phase-out of the voluntary reduction of oil production could be paused or reversed, depending on prevailing market conditions,” OPEC+ said.

At the same time, the additional 2.2 million bpd voluntary production cuts of eight OPEC+ member states were extended by three months until the end of September.

The group also announced in June a plan to gradually lift the voluntary restrictions on a monthly basis from October 2024 to September 2025.

“The committee will continue to monitor the conformity of the production adjustments decided at the 37th OPEC and non-OPEC ministerial meeting on June 2, including the additional voluntary production adjustments … and will continue to closely assess market conditions,” the group said.