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OPEC+ monitoring committee to discuss oil markets via video linkup

Reuters news agency reported earlier with reference to unnamed sources that this time the committee is unlikely to recommend introducing any amendments into the alliance’s current policies

MOSCOW, August 4. /TASS/. The OPEC+ ministerial monitoring committee will convene on Friday in the format of a video conference to assess the situation on the global oil market.

The committee has been meeting once every two months since October 2022. OPEC+ representatives assess the current situation on the market at such meetings and make recommendations about the oil production policy of OPEC+. The committee can request to hold an OPEC+ ministers meeting if needed.

The committee’s meeting is scheduled to begin at 3:00 p.m. Moscow time.

The ministerial meeting is expected to take place on November 26, 2023.

Reuters news agency reported earlier with reference to unnamed sources that this time the committee is unlikely to recommend introducing any amendments into the alliance’s current policies.

At a meeting on June 4, OPEC+ members agreed on the parameters of oil output until the end of 2024. According to TASS estimates, the initial decline in production from the level of quotas agreed in October 2022 may reach 1.393 mln bpd early next year. Taking into account the revised Russian quotas, the decline in output at the start of 2024 will now reach 1.272 mln bpd. Besides, a number of oil producing nations, including Russia and Saudi Arabia have undertaken a voluntary commitment to cut oil output by 1.66 million barrels per day until the end of 2024.

On August 3, Russia and Saudi Arabia announced that they will continue to take additional measures aimed at balancing the market. In September, Saudi Arabia will keep reducing its oil output by 1 million bpd, as was in July and August. Russia will reduce its oil output by 300,000 bpd in September.

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