OPEC+ keeps oil output policy unchanged, reiterates compliance to production cuts

Logo of OPEC

OPEC+ ministers decided to maintained oil production policy unchanged, during their meeting held on Wednesday, pledging to continue assessing market conditions. Thus, the group will proceed with its plans to ease restrictions imposed last December.

The Joint Ministerial Monitoring Committee (JMMC) reviewed the crude oil production data for the months of July and August 2024 and current market conditions, OPEC added.

During the meeting, the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation confirmed that they had achieved full conformity and compensation according to the schedules submitted for September.

The three countries reiterated their strong commitment to maintaining full conformity and compensation throughout the remaining period of the agreement.

The JMMC emphasized 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 (ONOMM) held on June 2, 2024.

The Committee will also continue to monitor the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries as agreed upon in the 52nd JMMC held on February 1, 2024.

Furthermore, the committee said it will continuously assess market conditions, adding that it retains the authority to convene additional meetings or to request an OPEC and non-OPEC Ministerial Meeting.

Earlier today, Reuters cited a well-informed source as saying that talked focused on commitment to output cuts, adding that it is likely that the ministers will amend compensation schedules for countries pumping oil more than their targets.