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OPEC+ Says Additional Voluntary Oil Production Cuts Will Be 1.66 Mln Bpd

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. (Reuters)
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. (Reuters)
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OPEC+ Says Additional Voluntary Oil Production Cuts Will Be 1.66 Mln Bpd

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. (Reuters)
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. (Reuters)

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.

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French Finance Minister Says Budget Can Still Be Improved

French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
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French Finance Minister Says Budget Can Still Be Improved

French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)
French Minister for the Economy, Finance and Industry Antoine Armand arrives for a dinner in honor of the President of Nigeria, at the Elysee palace in Paris, on November 28, 2024. (AFP)

French Finance Minister Antoine Armand said on Saturday that the 2025 budget could still be improved, but stopped short of giving ground in a standoff with the far right over new concessions.

Ratings agency Standard & Poor's gave Prime Minister Michel Barnier's fragile minority government a rare reprieve late on Friday leaving its rating steady although France's budget deficit has spiraled out of control this year.

Any relief is likely to prove short-lived with both the left and far right threatening to bring Barnier's government down over the budget, which seeks to squeeze 60 billion euros ($64 billion) in savings through tax hikes and spending cuts.

Marine Le Pen's far right National Rally (RN), whose tacit support Barnier needs to survive a likely no confidence motion, has given him until Monday to accede to her demands to make further changes to the budget.

"This government, under his authority, is willing to listen, to have a dialog, to be respectful, to improve this budget," Armand told journalists.

Asked about the showdown with Le Pen, he said: "The only ultimatum really facing the French is that our country gets a budget."

On Thursday, Barnier already dropped plans to raise electricity taxes in the budget as the RN had demanded, but it is keeping pressure on the government to scrap plans to postpone an increase in some pensions to save money.

RN lawmaker Jean-Philippe Tanguy told Les Echos newspaper on Saturday if the bill is not modified the party would back a no-confidence motion.

The test could come as soon as Monday if his government has to use an aggressive constitutional measure to ram the social security financing legislation through parliament, which will trigger a no-confidence motion.