OPEC+ Plans to Keep Oil Production Cuts Unchanged 

Related stories

Drama as 16, 17-year-olds Now Allowed to Vote In UK Elections

By Abiola Olawale  The government of the United Kingdom announced...

Brazil’s Petrobras Weighs Return to Retail Fuel Market to Reduce Prices

Brazil’s Petrobras will discuss this week tweaking its mid-to-long-term...

Base Handover: France Ends Decades-Long Military Presence in Senegal

By Abiola Olawale France on Thursday officially ended its 65-year...

By Tsvetana Paraskova

The OPEC+ group doesn’t have any plans to alter the current oil production policy and cuts when the alliance’s monitoring panel meets next week, OPEC+ delegates told Bloomberg on Friday.

OPEC’s Joint Ministerial Monitoring Committee (JMMC), which takes stock of oil market developments and recommends actions to the full ministerial meetings, is scheduled to hold an online meeting on February 1.

Part of the current oil production cuts only started at the beginning of January, so OPEC+ will need more time to review and assess what impact the output reduction has had on market balances, Bloomberg’s anonymous sources said.

Russia Says New Discoveries Fully Replaced Its Oil and Gas Reserves in 2023

OPEC+ members collectively decided to voluntarily cut 2.2 million bpd from the group’s production this quarter, although much of that was production cuts that were already in effect, including Saudi Arabia’s 1 million bpd voluntary cut.

Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, told Bloomberg last month that the OPEC+ production cuts could extend beyond March 2024 if the market requires it.

The Saudi energy minister also criticized commentators for failing to understand the output deal and suggested that this would change once “people see the reality of the deal.”

Both Saudi Arabia and Russia – the OPEC+ leaders – have said, via their respective top oilmen, that OPEC+ is ready to extend or deepen the oil production cuts if needed.

The group is ready to take additional measures and deepen the oil production cuts in the first quarter of 2024 to avoid volatility and speculation on the market, Russia’s Deputy Prime Minister Alexander Novak said early last month.

Analysts will be watching closely all OPEC+ decisions and speculation this year as they reckon that a large part of oil market fundamentals and balances will depend on the group’s policy to manage supply in the first quarter of the year and for the rest of 2024.

NB:Tsvetana Paraskova wrote this article for Oilprice.com

 

The New Diplomat
The New Diplomathttps://newdiplomatng.com/
At The New Diplomat, we stand for ethical journalism, press freedom, accountable Republic, and gender equity. That is why at The New Diplomat, we are committed to speaking truth to power, fostering a robust community of responsible journalism, and using high-quality polls, data, and surveys to engage the public with compelling narratives about political, business, socio-economic, environmental, and situational dynamics in Nigeria, Africa, and globally.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
2027: Buhari’s exit Cripples APC in entire North as CPC Loyalists Defect in Large NumbersDrama as 16, 17-year-olds Now Allowed to Vote In UK ElectionsSenate passes $9 billion in spending cuts to public broadcasting, foreign aid requested by TrumpBrazil’s Petrobras Weighs Return to Retail Fuel Market to Reduce PricesBase Handover: France Ends Decades-Long Military Presence in Senegal5 Oil Titans Who Revolutionized the Energy Sector2027: Dele Momodu dumps PDP for Coalition party, ADCBuhari's Honour: Tinubu holds special FEC session as Nigerians Mourn late Hero, Statesman. First Bank Crisis: In High-Stake Intrigues, Otedola Seizes Control with 40% Stake as Oba Otudeko Exits in N324.47bn DealElderstatesman, Emeka Anyaoku, Speaks Again , Urges Nigeria to Adopt a "People’s Democratic Constitution""Nigeria's challenges not about the constitution, but its operators", says ObasanjoNigeria Surpasses OPEC’s 1.5 Million Barrel Oil Quota in June 2025Natasha vs Akpabio: Senate President Heads to Court, Challenges Court Order to Reinstate SenatorOluwo Commends Awujale's Burial, Says Late Monarchs Shouldn't Be "Butchered Like Animals"Alleged N6.9Billion Fraud: Drama as Ex-Governor Fayose Wins in Court
X whatsapp