Baku. TurkicWorld:

OPEC+ has recommended maintaining the current oil production quotas, TurkicWorld reports.

The decision was made at the 50th Meeting of the Joint Ministerial Monitoring Committee (JMMC) that took place via videoconference on October 4, 2023.

The committee restated its member countries' commitment to the Declaration of Cooperation (DoC), which has been extended until the conclusion of 2024, as established during the 35th OPEC and non-OPEC Ministerial Meeting (ONOMM) on June 4, 2023.

Additionally, it acknowledged the revision of the meeting schedule, shifting the monthly meetings to bi-monthly for the Joint Ministerial Monitoring Committee (JMMC). The JMMC also gained the authority to convene extra meetings or request an OPEC and non-OPEC Ministerial Meeting, in accordance with the agreement reached during the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022.

The committee further voiced its complete acknowledgement and endorsement of Saudi Arabia's endeavours to bolster oil market stability. It reiterated its gratitude for the Kingdom's extra voluntary reduction of 1 mb/d and the extension of this measure until the conclusion of December 2023. OPEC+ also acknowledged Russia for extending its additional voluntary export reduction by 300,000 b/d until December 2023.

Meanwhile, in May 2020, the alliance reduced oil production by 9.7 mb/d due to the pandemic.

Starting from August 2022, OPEC+ began easing these production cuts, but in November, they once again reduced production. This decision is in effect until the end of 2023.

The bloc's communique mentions the extension of the agreement until 2024 and a reduction in the target oil production level by 1.4 million barrels from the following year.