The 48th Meeting of OPEC’s Joint Ministerial Monitoring Committee (JMMC) was held via videoconference on Monday.
The Committee reviewed the crude oil production data for January and February 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).
The Members of the JMMC reaffirmed their commitment to the DoC which extends to the end of 2023 as decided at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022, and urged all participating countries to achieve full conformity and adhere to the compensation mechanism.
The meeting noted the following voluntarily production adjustment announced on Sunday by Saudi Arabia (500,000 bpd); Iraq (211,000 bpd); United Arab Emirates (144,000 bpd); Kuwait (128,000 bpd); Kazakhstan (78,000 bpd); Algeria (48,000 bpd); Oman (40,000 bpd); and Gabon (8,000 bpd) starting May until the end of 2023. These will be in addition to the production adjustments decided at the 33rd OPEC and non-OPEC Ministerial Meeting.
The above will be in addition to the announced voluntary adjustment by Russia of 500,000 bpd until the end of 2023, which will be from the average production levels as assessed by the secondary sources for February 2023.
Accordingly, this will bring the total additional voluntary production adjustments by the above-mentioned countries to 1.66 million bpd.
The meeting noted that this is a precautionary measure aimed at supporting the stability of the oil market.
The next meeting of the JMMC is scheduled for June 4.
