The OPEC+ Ministerial Monitoring Committee will meet on Thursday in a videoconference format to assess the current situation in the oil market.
According to APA, citing TASS, this time only the ministerial monitoring meeting is planned, where the participants of the OPEC+ agreement will review the oil market situation and determine recommendations on the alliance’s future oil production policy. However, the committee can request a general OPEC+ meeting at any time if it deems necessary. Ministerial follow-up meetings are now held every two months.
The last meeting was held on 30 November 2023, on the same day as the OPEC+ ministerial meeting. On that date, most OPEC+ countries agreed to additional voluntary cuts of 2.2 million barrels per day (bpd) for the first quarter of 2024. At the same time, Saudi Arabia extended its voluntary production cut by 1 million bpd since the summer of 2023, while Russia deepened its oil supply cuts by 200,000 bpd to 500,000 bpd. A number of alliance countries (Iraq, Kuwait, UAE, Kazakhstan, Algeria and Oman) will cut production by another 700,000 barrels.
In addition, a number of OPEC+ countries, including Russia and Saudi Arabia, will voluntarily reduce oil production by a total of 1.66 million b/d from spring 2023 to end-2024.