Vienna, Austria – OPEC+ has decided to adjust the level of overall crude oil production to 40.46 mb/d, starting 1 January 2024 until 31 December 2024.
This was announced by the global organisation in a statement following the 35th OPEC and non-OPEC Ministerial Meeting in Vienna today.
According to the statement, OPEC and non-OPEC Participating Countries in the Declaration of Cooperation decided to “adjust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC to 40.46 mb/d, starting 1 January 2024 until 31 December 2024.”
As per the statement, the Joint Ministerial Monitoring Committee (JMMC) has been granted the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
It has been decided to hold the 36th OPEC and non-OPEC Ministerial Meeting on Sunday 26 November 2023, in Vienna.
UAE to cut 144,000 bpd throughout 2024
The United Arab Emirates will extend its voluntary cut of 144 thousand barrels per day until the end of December 2024, as a precautionary measure, in coordination with the countries participating in the OPEC Plus agreement, which had previously announced voluntary cuts in April.
This voluntary cut will be from the required production level, as agreed upon at the thirty-fifth ministerial meeting of OPEC Plus on June 4.
Saudi Arabia to cut oil output in July
Saudi Arabia will make deep production cuts in July as part of a broader output-limiting Opec+ deal as the group faces flagging oil prices and a looming supply glut.
Saudi Energy Minister Prince Abdulaziz said the cut of one million barrels per day (bpd) by Riyadh could be extended beyond July if needed.
“This is a Saudi lollipop,” he said.
Western nations have accused Opec of manipulating oil prices and undermining the global economy through high energy costs. The West has also accused Opec of siding with Russia despite Western sanctions over Moscow’s invasion of Ukraine.