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APA – Lagos (Nigeria)
The 48th Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the OPEC and non-OPEC countries has announced a total of 1.66 million barrels per day voluntarily production adjustments by some of its members.
The statement issued by the OPEC Secretariat at the end of the 48th Meeting of the Joint Ministerial Monitoring Committee (JMMC) of the OPEC and non-OPEC countries held via videoconference on Monday, April 3, 2023, stated that the Meeting noted the following voluntarily production adjustment announced on April 3, 2023 by the following countries:
Saudi Arabia 500 thousand b/d
Iraq 211 thousand b/d
United Arab Emirates 144 thousand b/d
Kuwait 128 thousand b/d
Kazakhstan 78 thousand b/d
Algeria 48 thousand b/d
Oman 40 thousand b/d
Gabon 8 thousand b/d
These will be in addition to the production adjustments decided at the 33rd OPEC and non-OPEC Ministerial Meeting,
“The above will be in addition to the announced voluntary adjustment by the Russian Federation of 500 thousand barrels per day until the end of 2023, which will be from the average production levels as assessed by the secondary sources for the month of February 2023.
“Accordingly, this will bring the total additional voluntary production adjustments by the above-mentioned countries to 1.66 million b/d,” it said.
According to the statement, the voluntary projection adjustments will start in May and run till the end of 2023.
It added that the Committee reviewed the crude oil production data for the months of January and February 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).
“The Members of the JMMC reaffirmed their commitment to the DoC, which extends to the end of 2023 as decided at the 33rd OPEC and non-OPEC Ministerial Meeting (ONOMM) on 5th of October 2022, and urged all participating countries to achieve full conformity and adhere to the compensation mechanism.
“The Meeting noted that this is a precautionary measure aimed at supporting the stability of the oil market.
“The Committee thanked the OPEC Secretariat for their contribution to the meeting,” it added.
The meeting also announced that the next meeting of the JMMC (49th) is scheduled for 4th of June 2023.
GIK/APA