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OPEC+ monitoring committee confirms decisions on oil production cuts

The committee also acknowledged the Russian Federation for its additional voluntary reduction of exports by 300,000 barrels per day for the month of September

MOSCOW, August 4. /TASS/. The OPEC+ Joint Ministerial Monitoring Committee (JMMC) confirmed its agreements on oil production reduction until the end of 2024 at its videoconference meeting, according to the final communique posted on the OPEC website.

"The committee also expressed its full recognition and support for the efforts of the Kingdom of Saudi Arabia aimed at supporting the stability of the oil market and reiterated its appreciation for the Kingdom’s additional voluntary cut of 1 million barrels per day and for extending it for the month of September," the communique reads. The committee also acknowledged the Russian Federation for its additional voluntary reduction of exports by 300,000 barrels per day for the month of September.

The next meeting of the monitoring committee is scheduled to take place on October 4, 2023.

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