OPEC+ not raising oil production ahead of schedule - Feb 4

Post Reply
dan_s
Posts: 36413
Joined: Fri Apr 23, 2010 8:22 am

OPEC+ not raising oil production ahead of schedule - Feb 4

Post by dan_s »

The Opec+ alliance has stuck to its production policy amid pressure from US President Donald Trump to lower crude prices by boosting output.

“The members of the JMMC [Joint Ministerial Monitoring Committee] reaffirmed their commitment to the DoC (Declaration of Co-operation), which extends to the end of 2026" as decided at the Opec and non-Opec members' ministerial meeting on December 5, the group said in a statement on Monday.

"The members of the JMMC who participated in the additional voluntary production adjustments plan announced [in] December ... [also] reaffirmed their commitment, noting that these additional voluntary production adjustments have ensured the stability of the oil market.”

Opec in December had announced that the voluntary oil production cuts of 2.2 million barrels per day, which began in November 2023, remain in place until the end of March. After that, the 2.2 million bpd supply curbs will be reduced gradually each month until September 2026 in a bid to ensure market stability,

The group of crude producers has held back 5.86 million bpd of output through a series of measures announced in 2022. These include a cap of 2 million bpd by the entire group, as well as 1.65 million bpd of a first stage of voluntary cuts by eight members – Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman – and another 2.2 million of second-stage voluntary cuts by the same countries.

Read more: https://www.msn.com/en-ae/money/news/opec-sticks-to-production-plan-despite-trump-pressure/ar-AA1ykytb
Dan Steffens
Energy Prospectus Group
Post Reply