MOSCOW, August 1. /TASS/. OPEC+ countries confirmed after the meeting of the Joint Ministerial Monitoring Committee that they may suspend or abolish gradual recovery of voluntarily reduced volumes of oil production from October 2024, depending on market conditions.

Eight OPEC+ countries, including Russia and Saudi Arabia, plan to start recovering oil production step by step from October 2024. These countries are voluntarily reducing production by 2.2 mln barrels of oil per day.

"The Committee will continue to monitor the conformity of the production adjustments decided at the 37th ONOMM [OPEC and non-OPEC Ministers Meeting - TASS] held on the 2nd of June 2024, including the additional voluntary production adjustments announced by some participating OPEC and non-OPEC countries and will continue to closely assess market conditions," according to the communique posted on the OPEC website.

The monitoring committee also noted readiness of Iraq, Kazakhstan, and Russia to fully compensated insufficiently reduced oil production volumes.

"The Committee noted the Republic of Iraq, the Republic of Kazakhstan, and the Russian Federation assurance during the meeting to achieve full conformity and welcomed the recent submission of their compensation plans for the overproduced volumes since Jan 2024 to the OPEC Secretariat," the document reads.

The next meeting of the committee is scheduled for October 2.